Steppe Cement 2021 Revenue Rose on Higher Sales, Increased Prices

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by Joe Hope

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Steppe Cement Ltd on Thursday said revenue for 2021 has increased year-on-year due to higher sales and prices.

The Malaysia-based, Kazakhstan-focused cement maker said revenue rose to 36.02 billion ten ($82.9 million) from KZT 30.96 billion a year ago.

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Cement sales rose 2.6% to 1.7 million metric tonnes, while the average price of distributed cement rose 13% to KZT21,332 per tonne.

Cement market consumption in Kazakhstan also rose 23% to 11.6 million tonnes – an unexpectedly large increase in domestic demand, which it attributed to a change in withdrawal policies for pension funds, allowing citizens to allocate money for property or health allowed to do so. Steppe Cement has a local market share of 13.9%.

The company said that the recent political unrest in the country has not affected the operations of its factory.

Steppe said it has entered a period of lowest sales for the year, and does not believe it has enough visibility to accurately forecast demand for 2022.

Shares were down 2.5 pence, or 6%, at 39.0 pence at 0842 GMT.

Write to Joe Hope at [email protected]

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