PPC CEO Matias Cardarelli will focus on improving South African operations and pursuing growth opportunities in Zimbabwe after his contract was extended to March 31, 2030.
Cardarelli has helped turn around the cement producer since his appointment in December 2023. During his first tenure, he focused on cost and commercial discipline. He will now concentrate on optimisation and growth opportunities through to 2030.
“The larger part of the opportunity lies ahead with the completion and commissioning of the new state-of-the-art integrated cement plant in the Western Cape, known as RK3. The next step-change in performance is anticipated in FY2028, alongside continued operational improvements at the South African plants and optimisation and growth initiatives in Zimbabwe,” Cardarelli told Business Report.
PPC’s revenue for the year ended March 2026 rose by 3.9% to R10.26 billion, while earnings before interest, tax, depreciation and amortisation increased by 31% to R2.08bn. Net cash inflow before financing activities rose by 23% to R1.3bn, while headline earnings per share increased by 25% to 50 cents.
Cardarelli said the company’s turnaround strategy, known as Awaken the Giant, was only halfway complete.
“The value delivered to date has come largely from a significant change in the way the business is run, a culture reset, and cost and commercial discipline,” he said.
Cardarelli said significant opportunities remained to be unlocked in PPC’s Zimbabwean operations. The company is working with Sinoma Overseas, a cement equipment and engineering company, to improve production at its existing plants. PPC said its Zimbabwean operations were reaching record levels of local clinker production.
“Preparing for the future, we are assessing the feasibility of constructing a new integrated cement plant in the country,” Cardarelli said.
He also called for government intervention to support South Africa’s cement industry and address competition from imports.
“The future of South Africa’s cement industry now depends on decisive policy intervention. Targeted regulatory action is required to restore a level playing field between imports and local production, protect jobs and preserve industrial capability,” he said.
“South Africa’s cement industry has played a vital role in national development for more than a century. With infrastructure investment proven to drive economic growth and employment, the sustainability of our local cement sector is not just an industry issue — it is a national economic priority.”
Cardarelli warned that continued inaction on imports could lead to the permanent loss of a strategic national asset and increase reliance on imported cement.
PPC’s board said his contract extension would secure his leadership through the completion of the Awaken the Giant turnaround strategy and align his tenure with the group’s strategic plan to FY2030.
“It has always been my intention to see the Awaken the Giant turnaround strategy through to completion,” Cardarelli said.
THE NATIONAL