(Alliance News) – Steppe Cement Ltd on Monday announced an increase in its turnover during the third quarter of 2024, thanks to higher sales volumes and average cement price.
The operator of two cement production facilities in Kazakhstan said revenue for the third quarter of 2024, ended September 30, was KZT 15.09 billion, or £23.8 million, which represents an increase of 6.9% year-on-year from KZT 14.12 billion, or £22.3 million.
This revenue growth is mainly due to the increase in sales volume for the three-month period, which reached 621,915 tonnes, an increase of 4.8% compared to 593,352 tonnes in the third quarter of 2023 .
For the first nine months of calendar year 2024, revenue amounted to KZT 30.52 billion, or GBP 48.2 million, representing a 1.8% year-on-year decline from 31.09 billion KZT, or 49.1 million GBP. Sales volumes remained stable year-on-year at 1.3 million tonnes for the nine-month period.
The average price of cement delivered in the nine months ending September 30 was KZT 22,755 per tonne, or GBP 35.93 per tonne, down 1.8% from 23,163 KZT per tonne, or GBP 36.57 per tonne, from last year.
“Production levels have increased due to efficiency gains resulting from investments made over the past two years,” Steppe Cement said. “Increased production levels helped stabilize the cost base and increase clinker inventory on hand for the fourth quarter.
The company expects its market share in Kazakhstan to remain around 15%.
Javier del Ser Perez, Managing Director, said: “We recovered both volumes and prices in the third quarter of 2024, after a price adjustment in the second quarter. quarter. While competition remains strong, our factory has continued to improve its capacity and productivity, allowing us to offset the impact of past inflation. We remain focused on increasing volumes and generating cash.
Steppe Cement shares were up 13% at 14.66 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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