PPC Says Dollar Income From Africa Operations Boosts Revenue
PPC Ltd. (PPC), South Africa’s biggest cement maker, said U.S. dollar-based operations outside its home market boosted revenue for the six months through March.
All of the company’s foreign operations are conducted in dollars, PPC’s Chief Executive Officer Ketso Gordhan said in a phone interview from Johannesburg today. “We have had a 15 percent increase in Zimbabwe,” in sales in the period, because of currency shifts and higher volume he said.
Six-month sales rose 8 percent to 3.8 billion rand ($409.6 million), compared with a year earlier, the company said in a statement. PPC, which also operates in Botswana and Ethiopia, plans on building a 1 million metric-ton capacity plant in Democratic Republic of the Congo, Gordhan said.
PPC shares declined 1.6 percent to 34.20 rand at 10:33 a.m. in Johannesburg.
The rand weakened about 10 percent against the dollar at the end of March from September, according to data compiled by Bloomberg. The currency of Africa’s biggest economy is the second-worst performing against the dollar this year, declining 8.7 percent.
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