24 June 2005
	SA's Top 20 Companies 15 PPC Total score: 55,6 Historic score: 43,1 FM's score: 64

Pretoria Portland Cement (PPC) began a rationalisation programme in 1999 and hasn't looked back. It has consistently grown operating margins over six years, which with strong cashflows have produced a windfall of dividends. The market rewarded PPC with a rocketing share price. After such a prolonged boom, commentators are cautious about PPC's prospects - but management appears less worried. Growth in local cement volumes is slowing down from the peak of about 15% in the past few years, but is expected to remain strong at 8%-10%. Management says the renewed construction industry optimism will further boost cement demand.