PPC makes concrete gains, delivering a strong half-year performance

Stephen Grootes speaks to PPC CEO Matias Cardarelli about the cement giant’s strong interim results, its Awaken the Giant turnaround strategy, and what’s driving growth across South Africa and Zimbabwe.

Listen to the interview in the audio player below.

PPC reported a strong operational performance for the six months ended 30 September 2025, with earnings, profitability and cash generation all rising as its “Awaken the Giant” turnaround strategy continues to gain momentum.

Group EBITDA increased 23.5% to R983 million, lifting the EBITDA margin to 18.3% from 15.7%.

Revenue rose 6.2% to R5.38 billion, supported by broad-based growth across the cement operations, particularly in the second quarter.

Headline earnings per share (HEPS) and earnings per share (EPS) increased 15% to 25 cents.

PPC’s South Africa and Botswana cement business delivered a strong performance, with EBITDA rising 30.5% to R569 million and margins expanding to 17.5% from 13.7%. Revenue increased 2.4% to R3.25 billion, supported by a recovery in volumes in the second quarter after weather disruptions earlier in the year.

In Zimbabwe, cement volumes rose 25% following stronger market demand and a 30% import surcharge introduced in May 2025. Revenue increased 23.4% to R1.9 billion.

Speaking to Stephen Grootes on The Money Show, PPC CEO Matias Cardarelli says there are some signs of growth coming from the construction sector.

"Not in the size and the speed we'd like to see, but we are seeing some pockets of growth, especially in the Western Cape, Mpumalanga and Limpopo, coming from the public sector and also the private sector," says Cardarelli.

"But clearly the main driver in our results is not coming from the economy and the market. As we spoke six months ago, our turnaround process focused on unlocking internal value, and this is what we have been doing," adds Cardarelli.

Scroll to the top of the article to listen to the full interview.