PPC Plans to Double Size in Decade on African Cement Growth
- Company achieved half of $28 million profit-improvement goal
- Shares gain most in six months even as FY profit declines
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PPC Ltd., South Africa’s largest cement maker, said rising demand for the building material on the world’s least-developed continent would help it double the size of the company every decade. The shares rose the most in six months.
PPC expects “massive growth” in African cement demand over the next 35 years, driven by a growing population, rising wealth and greater ease of doing business, Chief Executive Officer Darryl Castle said in an interview on Wednesday. The company will create a new unit for its expanding non-cement building materials and services operations, which will help further PPC’s African growth plan, he said.