PPC Zimbabwe continued to record growth in cement demand in the five months to August 2026, with sales volumes rising 3% year-on-year as activity in both the industrial and retail markets remained firm.

The latest performance extends the strong growth recorded by the Zimbabwean business during PPC's 2026 financial year. In the year ended March 2026, Zimbabwe cement volumes increased 18.2%, while revenue rose 14.3% to R3.57 billion and EBITDA increased 13% to R961 million.

PPC said the latest increase was driven by “robust demand across both the industrial and retail sectors”, with Zimbabwe revenue increasing 5% in the five months under review. This compares with a 2% decline in revenue from PPC's South African and Botswana operations, highlighting the continued importance of Zimbabwe to the group's performance.

“The SA and Botswana group is delivering growth and margin expansion in a challenging environment, while Zimbabwe delivered an outstanding performance in the current period,” PPC said in its trading update.

The latest figures follow a particularly strong FY2026 for PPC Zimbabwe. Cement volumes increased from the previous financial year, when the business had already begun recovering from a 5.5% decline in FY2025. Zimbabwe revenue in FY2026 rose from R3.12 billion to R3.57 billion, while trading profit increased 19.5% to R761 million.

The business has also become an important source of cash for the wider PPC group. Zimbabwe declared US$15 million in dividends during the five months to August, compared with US$12 million in the corresponding period last year. A further US$10 million was declared after August.

That comes after PPC Zimbabwe's record US$36 million in dividends declared and paid during FY2026, sharply above the US$13 million recorded in FY2025.

The strength of the Zimbabwe operation is also influencing PPC's investment plans. The company says work is continuing on a proposed new integrated cement plant, with discussions under way with Chinese engineering group Sinoma Overseas on the engineering, procurement and construction contract.

PPC and Sinoma signed an agreement in May to improve efficiency and increase clinker and cement production at PPC's existing Zimbabwe plants, while also assessing the feasibility of a new integrated plant. PPC CEO Matias Cardarelli said Zimbabwe was a strategically important market with further opportunities for growth.

“Zimbabwe operation is a fundamental part of PPC Africa and we are deeply long-term committed to the country and its development,” Cardarelli said after the agreement with Sinoma. He described the partnership as an important step towards expanding clinker and cement production in Zimbabwe.

PPC's latest update says progress on the proposed plant includes continued engagement with Sinoma on the EPC contract, mine prospecting and assessment of financing options.

The company's FY2026 reporting also indicates that Zimbabwe's growth is being supported by stronger operational performance. Own clinker production increased 4%, while higher demand required additional clinker imports to supplement local production.

For PPC, the combination of rising volumes, stronger revenue and substantial cash generation makes Zimbabwe a significant contributor to the group's investment and shareholder-return strategy. 

The latest five-month figures suggest that demand has remained positive into the new financial year, although the pace of volume growth is considerably below the 18.2% increase recorded during FY2026.