London, January 25, 2023 – Steppe Cement, a leading Kazakhstan-focused cement manufacturer, has announced that it anticipates a decrease in its core earnings for 2023 compared to 2022. This projection is primarily due to the current lower pricing environment and the impact of inflation on energy and other input prices.
Shares in the company saw a decline of 9.1%, or 2.5 pence, at 0907 GMT, trading at 25 pence on the London stock exchange.
According to Steppe Cement’s annual report, its earnings before interest, taxes, depreciation, and amortization for 2022 amounted to $30.9 million.
In the third quarter of 2023, the company reported revenue of 14.12 billion Kazakhstani tenge ($29.6 million), surpassing the KZT13.07 billion generated during the same period in the previous year. This growth was primarily driven by increased sales volumes resulting from improved production levels at their factory. Additionally, a 5% reduction in product prices contributed to this positive outcome.
“Despite a slightly smaller domestic cement market so far in 2023, we remain confident that the company will continue to deliver strong sales figures going forward,” stated Chief Executive Javier del Ser Perez.
