14 January 2025
Steppe Cement Limited
("Steppe Cement" or
the "Company")
Year End Trading
Update
Steppe Cement (AIM: STCM), the AIM-traded
Kazakh cement producer is pleased to announce the following trading
update for the year ended 31 December 2024. All numbers referenced
below are unaudited.
· The
Company continued its focus on the domestic market in Kazakhstan
concentrating its business mainly in Central Kazakhstan.
·
Steppe Cement recorded revenue for the year ended 31 December
2024 of KZT 39,244 million (approximately USD 84 million), which
was 5% higher (in KZT terms) than the KZT 37,286 million
(approximately USD 82 million) recorded for the previous
year.
· In
2024, cement sales volume was c.1.71 million tonnes, all sold
domestically (5% higher than 2023).
· The average
price (ex-VAT) for delivered cement was KZT 22,916 (approximately
USD 49) per tonne in 2024, maintaining a similar level to the KZT
22,927 (approximately USD 50) per tonne recorded in
2023.
· The average
ex-factory price (being the average price less delivery costs) in
2024 stood at KZT 19,664 (approximately USD 42) per tonne compared
to KZT 19,659 (approximately USD 43) per tonne in 2023.
As previously announced, the Company
successfully completed the modification of the pre-calciner in Line
6 in December 2023 which allowed clinker production to increase to
1.47 million tonnes. The Company will continue a limited capex
programme in 2025, including clay crusher emission control,
cooler-6 emission control as well as the replacement of a cement
mill main drive gear reducer.
In 2024, the cement market consumption in
Kazakhstan was 11.8 million tonnes (11.5 million tonnes in 2023)
with Steppe Cement's local market share being 14.5% compared to
14.2% in 2023. Overall, Kazakhstan imported about 0.7 million
tonnes of cement (0.5 million tonnes in 2023) and exported 0.9
million tonnes (1.2 million tonnes in 2023).
Official inflation in Kazakhstan was reduced to
8.6% (9.8% in 2023).
The full results and audited accounts
denominated in USD are expected to be published in Q2
2025.
FX conversions are based on 2024's average
exchange rate of USD:KZT of 1:469 (while it was1:456 in 2023). The
exchange rate as at 13 January 2025 is 1:530.
For further information, please
contact:
|
Steppe Cement
Limited
|
www.steppecement.com
|
|
Javier del Ser Pérez, Chief Executive
Officer
|
Tel: +(603) 2166
0361
|
|
Strand Hanson
Limited (Nominated & Financial Adviser and
Broker)
|
www.strandhanson.co.uk
|
|
James Spinney / Ritchie Balmer / Robert
Collins
|
Tel: +44 20 7409
3494
|
The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
