Africa-Press – Zimbabwe. PPC Limited (PPC) chief executive officer Matias Cardarelli has downplayed the recent investment commitment of over US$1 billion from Africa’s richest man, Aliko Dangote, citing that it was merely an announcement and not an actual realisation of capital.
Earlier this month, Dangote flew into Harare to sign a multi-investment deal with the Zimbabwe government worth over US$1 billion to invest in the country’s cement and energy sectors.
As previously reported, back in 2015, Dangote met with the late former Zimbabwe President, Robert Mugabe, looking to invest but later reneged.
Speculations were that the billionaire reneged due to allegations that high-ranking government officials demanded ‘mediation fees’ to facilitate the billionaire’s investment.
Hence, when asked in a question-and-answer session of PPC’s recent analyst briefing of its half-year operating period ended September 30, 2025, in South Africa, Cardarelli was asked about the impact Dangote’s entry into Zimbabwe would have on the business.
Dangote has a net worth of US$24,9 billion, according to Forbes.
“In the case of Dangote, I think it is very important to differentiate between an announcement and reality. We all read that announcement when Aliko Dangote visited the President of Zimbabwe (Emmerson Mnangagwa) last week (November 17). We don’t have any indication that that project is going to materialise any time soon,” he said.
“We monitor all that news, but we don’t see, at least for the moment, something that is real. I think I will take advantage of this question also to comment on something also to differentiate between an announcement and reality. It is probable, in the following weeks, we are going to see an important announcement in the South African cement industry, with probably a rival of the change in some shareholders in one of the cement companies.
“I am sure that situation, when it is going to be announced, is going to come with a lot of announcements of big investments, etc. I think it is very important for investors nowadays to clearly differentiate between what people say and what people really do, and this will help investors to take the right investment decisions.”
Dangote’s planned investment will be done through the billionaire’s Nigerian-based company, the Dangote Group, the largest diversified industrial conglomerate in West Africa, which he founded.
The group’s core business revolves around large-scale manufacturing in sectors like cement (Dangote Cement is the largest producer in Africa), sugar, salt, and, most recently, significant investments in the oil and gas sector, notably the massive Dangote Refinery and a fertiliser plant.
As of September, PPC had assets worth US$528,59 million, comparatively, the Dangote Group subsidiary, Dangote Cement Plc, had assets valued at US$3,97 billion.
PPC is a South African cement manufacturer that operates in Zimbabwe through its subsidiary, PPC Zimbabwe.
“Of course, we are updating the technology in Zimbabwe and improving our maintenance there. That is why we commented today that we have put in place a three-year plant (performance improvement plan) that started this year with the first shutdown in Q1 of FY2026 of the Colleen Bawn plant,” Cardarelli said.
“The second thing we are doing in Zimbabwe, which you saw during our presentation, is that we are starting our solar project, which is going to bring a significant savings.”
He also revealed that the company had signed an agreement recently with one of the world’s leading engineering firms to train its staff in Zimbabwe.
“Please remember, we have the newest plant in Zimbabwe, in Harare, and good assets there. But yes, it is very important to update and to well maintain our assets to run there,” Cardarelli said.
PPC Zimbabwe posted revenue for the half year period of ZAR1,9 billion (US$111,18 million), 23,5% up from the prior year.
This increase led to a profit after tax of ZAR242 million (US$14,13 million) for the period ended September 30, 2025, higher than the 2024 comparative of ZAR207 million (US$12,09 million).
Total assets as of September for the local subsidiary were recorded at ZAR3,03 billion (US$176,98 million), up from the ZAR2,8 billion (US$164,04 million) recorded over the 2024 comparative timeframe
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