South African cement maker PPC Ltd said on Friday group revenue improved in the nine months to December 31 despite a lag in its home market.
“The lack of large infrastructure projects continues to hamper cement volume growth in South Africa,” it said.
In Rwanda it grew volumes by 20 to 30 percent and in Zimbabwe by 30 to 40 percent, it said.
Group earnings before interest, tax, depreciation and amortisation (EBITDA) were hurt by corporate action and other costs, PPC said in a statement, without giving details.
PPC, which has operations in six countries, spent most of 2017 in merger discussions with cement and investment suitors including local rival AfriSam, Nigeria’s Dangote Cement and Irish building materials group CRH.
In December it concluded that it was no longer interested in selling or buying assets, ending talks about a possible takeover by Swiss group LafargeHolcim.
Reporting by Nqobile Dludla; editing by Jason Neely (Reuters)