Singapore-headquartered International Cement Group Ltd (ICG) has reported a sharp rise in earnings for the six months ended 30 June 2025, boosted by strong sales in Kazakhstan and Tajikistan and contributions from its new Korcem plant.
Revenue rose 51 per cent to SGD165.1m (US$122.7m) from SGD109.6m YoY in the 1H24, driven by higher sales from the Alacem plant in Kazakhstan and the Mohir plant in Tajikistan, as well as Korcem, which has been operational for six months.
Gross profit climbed 74 per cent to SGD59.3m, with gross margin improving to 36 per cent from 31 per cent YoY. EBITDA nearly doubled to SGD45.9m while profit before tax more than tripled to SGD31.6m. Net profit attributable to shareholders rose to SGD14.9m from SGD0.9m.
The company cited higher selling prices, strong market demand supported by Chinese infrastructure investment, and cooperation with the Kazakh government on national development projects as key factors. Sales volumes in Tajikistan rose 36 per cent on improved weather conditions.
Administrative expenses increased by SGD3.1m due to higher staff costs and depreciation at Korcem, while selling and distribution expenses rose slightly. Other expenses fell SGD4.3m on the absence of foreign exchange losses recorded last year, while other income jumped to SGD5.2m, supported by SGD10.5m in net foreign exchange gains from a stronger tenge.
Cash generated from operations doubled to SGD40.1m, lifting cash reserves to SGD9.9m at end-June.
Chief executive, Zhang Zengtao, said ICG is positioned to benefit from sustained infrastructure demand in central Asia, with exports from Korcem to Kyrgyzstan already underway. The company is scaling down non-core aluminium operations to focus on cement.
