Steppe Cement’s full-year profit rises on increased sales and prices

Kazakhstan-based cement producer Steppe Cement Ltd on Wednesday confirmed that pretax profit more than doubled in the year ended 2012 thanks to sales that were up by almost 10 per cent YoY and higher prices.

Group revenue rose to US$120.17m for the year compared to US$96.11m in 2011 while pretax profit was US$12.04m compared to US$5.55m the year before.

Cement sales increased by 9.8 per cent to 1.35Mt against 1.23Mt in 2011 while selling prices rose 14 per cent, well over the overall inflation rate of six per cent for the year.

Overall domestic volumes increased by 13 per cent in 2012. The prospects for the Kazakh cement market remain solid as robust GDP growth as well as ongoing residential and construction projects are expected to keep cement demand high and Steppe Cement volumes to increase by 10 per cent this year.