Steppe Cement reports 3Q15 and 9-month results

Kazakhstan cement company Steppe Cement has reported 3Q15 revenue of KZT7770 million, an improvement from the KZT7652 million achieved in 3Q14. Sales volumes were up 8% at 630 329 t and up 4% in the year-to-date to 1.292 million t, but the average selling price declined leaving revenue 4% down in the first 9 months of the year.

The cement market in Kazakhstan increased about 14% in the nine months to 30 September, while imports remained unchanged at 13% of total consumption. The company estimates the domestic cement market to be about 9.5 million t, of which it holds an 18% share.

In June, the operating subsidiaries of Central Asia Cement JSC and Karcement JSC signed a loan agreement of KZT 2.188 billion with Halyk Bank JSC on terms subsidised under government programmes at 6% interest rate per annum. As at 12 October 2015, Central Asia Cement JSC has drawn down KZT500 million for working capital under this loan facility. Central Asia Cement JSC and Karcement JSC have contracted KZT983 million with suppliers for capital investment, of which KZT217 million has been drawn down.

Adapted from London Stock Exchange report by Katherine Guenioui

Read the article online at: https://www.worldcement.com/europe-cis/14102015/steppe-cement-reports-3q15-and-9-month-results-774/