PPC Zimbabwe remits US$11,3m dividend to PPC SA

PPC Zimbabwe remitted R203 million (US$11.3 million) in dividends to its South African parent after a strong performance in the fiscal year ending March 31, 2024. 
The company's CEO, Matias Cardarelli, reported a 44% volume growth in the first half of the year, though growth slowed to 3% in the final quarter due to reduced government construction projects, tax regulation changes, and increased imports.
Zimbabwe's revenue surged by over 52%, driven by volume growth and higher prices, despite challenges like higher electricity tariffs and rising production costs. 
PPC's overall group revenue increased by 20.6% to R10.058 billion, with Zimbabwe contributing a 91% rise in rand terms to R3.346 billion. South African and Botswana operations saw a 5.2% increase in revenue.
Group EBITDA improved by 38.6%, with an EBITDA margin rising to 12.3%. However, Zimbabwe's margin slightly declined to 20.2%. The company also sold its 51% stake in CIMERWA for US$42.5 million, resulting in a profit of R197 million. 
PPC remains financially strong, with debt reduction and improved liquidity, including debt-free operations in Zimbabwe.