Lafarge Cement Zimbabwe Limited has said business volumes have declined considerably due to low demand amid the Covid-19 pandemic.
The Lafarge Holcim subsidiary said the lockdown will have an inevitable impact on volumes for the second quarter in 2020.
“It is projected that 2020 volumes will decline by 30% with the possibility of spillover risks impacting the second half of the year,” the company said in its first-quarter trading update for 2020.
“The ripple effects of the lockdown and border closures are still to be fully quantified, but the business expects to continue to feel the effects of the Covid-19 outbreak into the second half of the year.”
It said it will have to rely more on foreign-funded projects to sustain operations in the wake of the slowdown in aggregate demand in the core individual home builder market.