PPC expecting significantly higher interim earnings per share
Cement producer PPC has notified shareholders that its earnings per share (EPS) and headline earnings per share (HEPS) are expected to be significantly higher for the six months ended September 30 than for the corresponding period a year ago.
In an October 28 statement, PPC says it expects EPS to be between 11% and 31% higher year-on-year, while HEPS are expected to be between 0% and 18% higher.
PPC says the improvement in EPS is primarily owing to an overall reduction in the group’s administration and other operating expenditure improvements in the company’s South Africa and Botswana business units.
This partially offset a weaker performance from the group’s Zimbabwe arm, along with increased investment income owing to higher average cash balances during the period and a nonrecurrence of a pretax R53-million impairment in the prior period.
The company said these aspects were partially offset by a higher tax charge with the effective tax rate at 33%, compared with 25% for the six months ended September 30, 2023.
PPC will release its audited results for the six-month period on November 18.
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