Cement producer PPC reports 2.4bn FY loss

Cement producer PPC has reported a full-year loss of R2.4 billion for the financial year ending in March, signaling a challenging period for the company. The loss was attributed to difficult trading conditions that were further exacerbated by the emergence of the Covid-19 pandemic towards the end of the financial year. Despite these challenges, PPC CEO Roland Van Wijnen remains optimistic about the company's future and its potential for recovery. In a recent interview with CNBC Africa, Van Wijnen discussed the company's performance, its roadmap for reducing debt, and its outlook on the construction sector and infrastructure plans in South Africa. Van Wijnen highlighted the improvements in PPC's volumes in South Africa and its strong performance in Zimbabwe, despite economic challenges in the region. He also outlined the company's plans to address its debt, including potential asset sales and a rights issue. Additionally, Van Wijnen expressed optimism about the government's infrastructure plans and the potential benefits for PPC. However, he acknowledged the risks associated with the restructuring process and the need to find solutions for the company's debt challenges. Overall, Van Wijnen emphasized PPC's strategic position in the cement industry and its commitment to contributing to the economic development of the countries in which it operates.