PPC expects earnings per share of 30 to 34.5 cents for the six months to 30 September, against 25 cents a year earlier, it said on 5 November 2026.

The company said that works out to a rise of 20% to 38%. The JSE Listings Requirements oblige a company to issue a trading statement once it is reasonably certain that earnings will differ by 20% or more from the previous period.

Adjusted for currency losses

PPC also gave a pro forma range that removes realised and unrealised foreign exchange losses. On that basis EPS and HEPS are expected at 35 to 40.5 cents, against a restated 30 cents in the prior period. That is a rise of 17% to 35%.

The pro forma figure published earlier for the prior period was 29 cents. PPC said that number adjusted only for unrealised losses on the contracts, and the 30 cents it now uses allows for realised losses too.

How to read the two ranges

Other JSE companies have also reported this week: see Altron’s interim results and Redefine’s annual results for comparison. The prior period’s reported figure was 25 cents for both measures, and 30 cents on the pro forma basis. PPC’s current-period range is wide, at 4.5 cents from low to high on the reported measure and 5.5 cents on the pro forma measure.

PPC earnings per share, six months to 30 September, cents
010203040 cents20252026 low2026 high2025: 25 cents2026 low: 30 cents2026 high: 34.5 cents34.5 cents
010203040 cents20252026 low2026 high2025: 25 cents2026 low: 30 cents2026 high: 34.5 cents34.5 cents

Source: PPC Ltd, trading statement, 5 November 2026. Chart: Rand Desk

PPC gave one range for EPS and HEPS together, so the two measures are expected to come out the same for the period. The second, pro forma range adjusts for the after-tax effect of the currency losses. PPC will publish final figures with its results, and it dated the statement Rosebank, 5 November, with a SENS time stamp of 07:05 SAST.

Where the currency losses come from

PPC said it fully hedged the US dollar exposure on building RK3, its new integrated cement plant in the Western Cape, using foreign exchange contracts, to de-risk its balance sheet. The rand strengthened against the dollar during the six months, and PPC booked realised and unrealised losses.

In the statement PPC said the rise in earnings “reflects the continued momentum” of its “Awaken the Giant” turnaround.

What has not been reported

The financial information in the statement is the directors’ responsibility and has not been reviewed or reported on by PPC’s external auditor. The statement gave no revenue, operating profit or debt figures.

PPC’s unaudited results for the six months to 30 September 2026 are expected on or about 16 November 2026.