Zimbabwe gave back 418 hectares of land to cement maker PPC Zimbabwe Limited after taking the property away 12 years ago. The government seized the land from the company during 2012. Officials returned the property through paperwork completed last December. The land transfer has a value of 37 million rand or about 2.09 million US dollars. PPC Zimbabwe works as part of the larger South African PPC Group.
Auditors from PricewaterhouseCoopers checked the company books and confirmed the land deal. The government handed over the property without conditions or special requirements. Accountants recorded the land as investment property since PPC has no immediate plans for using it. The company gained 37 million rand from the deal without paying taxes on the transfer. Another 112 hectares from the original property remains with the government.
PPC Zimbabwe sold less cement during the past year but still made more money than before. Sales dropped about 5.5 percent compared to the previous year. The company cut costs and reduced spending to boost profits by 46 percent. Revenue fell to 3.122 billion rand but profit reached 470 million rand. PPC Zimbabwe holds 88 percent ownership with local partners controlling the remaining 12 percent.
Auditors from PricewaterhouseCoopers checked the company books and confirmed the land deal. The government handed over the property without conditions or special requirements. Accountants recorded the land as investment property since PPC has no immediate plans for using it. The company gained 37 million rand from the deal without paying taxes on the transfer. Another 112 hectares from the original property remains with the government.
PPC Zimbabwe sold less cement during the past year but still made more money than before. Sales dropped about 5.5 percent compared to the previous year. The company cut costs and reduced spending to boost profits by 46 percent. Revenue fell to 3.122 billion rand but profit reached 470 million rand. PPC Zimbabwe holds 88 percent ownership with local partners controlling the remaining 12 percent.
