PPC, the cement products group, said it expected headline earnings per share (HEPS) to improve between 25.5% and 26.5% for the six months to September 30, compared with the headline loss per share of 6 cents reported at the same time last year.
Earnings a share (EPS) was expected to improve between 21% and 25% from the earnings loss of 30c in the last financial year.
The company said in a trading statement that this difference was primarily due to the current period EPS and HEPS numbers being impacted by a strong performance by PPC Zimbabwe compared to the prior period in which it had an extended kiln shutdown.
In addition, in the current period, PPC Zimbabwe changed its functional currency from the Zimbabwean dollar to the US dollar and this also had a positive impact given the elimination of net monetary losses arising in the prior period due to hyperinflation accounting.
The interim results are expected to be released on November 20, 2023.
PPC’s share price was trading 7.1% higher at R3.03 yesterday afternoon.