PPC says Zimbabwe remains one of its most attractive growth markets after strong local demand and improved commercial execution boosted profitability and strengthened the country’s contribution to the group’s foreign currency earnings.
The South African cement giant said its Zimbabwean business delivered a solid performance during the year ended March 31, 2026, supported by resilient industrial and retail demand despite a challenging operating environment.
Chief executive Matias Cardarelli said the group sees significant long-term growth potential in Zimbabwe and is exploring opportunities to expand production capacity.
“Zimbabwe remains one of the most attractive growth opportunities within the PPC portfolio, supported by a favourable long-term outlook,” Cardarelli said in the group’s 2026 integrated annual report.
“To capture this opportunity, PPC is working with Sinoma Overseas to improve the performance and capacity of its existing operations while fast-tracking the feasibility assessment of a potential new integrated cement plant in the country. We believe such a project has the potential to be highly value accretive, although any investment will be subject to PPC’s rigorous governance, capital allocation and investment approval processes.”
PPC Zimbabwe has become an increasingly important source of hard currency for the group, with foreign currency sales rising to 99 percent of total sales from 84 percent in the previous financial year. The stronger performance enabled the business to declare a record gross dividend of R490 million.
The company operates cement plants in Harare, Colleen Bawn and Bulawayo, with combined production capacity of about 1,4 million tonnes annually.
PPC said its partnership with Sinoma Overseas is expected to improve operational efficiency and support future capacity expansion by leveraging global expertise in cement engineering and technology.
Despite growing competition from imported cement, affordability pressures and currency volatility, the company-maintained pricing discipline while strengthening customer relationships.
“Commercial initiatives during the year focused on improving customer experience, strengthening pricing consistency and reinforcing PPC Zimbabwe’s positioning as a reliable, value-driven supplier,” the report said.
The Zimbabwe business recorded EBITDA of US$55,6 million during the year, up from US$46,5 million previously, while free cash flow increased to US$42,6 million from US$23,2 million.
Foreign currency bank balances also strengthened to US$8,1 million from US$6,6 million, reflecting improved cash generation despite rising operating costs and a difficult domestic trading environment.