PPC annual earnings rise on cost saving initiatives

PPC reported a 33% increase in annual earnings on Thursday, buoyed by a reduction of group overhead costs and other saving initiatives.

PPC, which operates in six African countries, said its headline earnings per share (EPS) for the full year ended March 2019 increased to 20 cents from 15 cents a year earlier.

The company had initially scheduled to release its results on Wednesday, but they were delayed by its auditors who were still assessing fair value adjustments of the firm’s Zimbabwean financial assets.

Headline EPS is the main profit measure in South Africa that strips out certain one-off items.