10 January 2020
Steppe Cement Ltd
Preliminary Update for the Year ended 31 December 2019
Steppe Cement Ltd ("Steppe Cement") recorded revenue for the year ended 31 December 2019 of 30,534 million Tenge ("KZT"), which was 8% higher than the KZT 28,342 million recorded for the corresponding year ended 31 December 2018. In 2019 cement sales volume was 1,715,761 tonnes, marginally lower than the 1,720,629 tonnes achieved for the previous year. The average price (ex-VAT) for delivered cement was KZT 17,796 per tonne in 2019, an 8% increase compared with KZT 16,480 per tonne in 2018. The average ex-factory price in 2019 stood at KZT 14,885 per tonne compared to 13,354 in 2018 representing USD 39 per tonne based on 2019's average exchange rate of USD/KZT 383 vs 345 in 2018.
In 2019, the cement market consumption in Kazakhstan increased by 2% to 8.9 million tonnes from 8.7 million tonnes in 2018.
Steppe Cement's local market share remained at 17.5% while exports decreased by 35% from 240,000 tonnes in 2018 to 155,000 tonnes in 2019. Overall, Kazakhstan imported 0.7 million tonnes of cement, similar to the previous year, and exported 1.6 million tonnes (vs 2 million tonnes in 2018).
The full results and audited accounts denominated in USD are expected to be published in April 2020.
Steppe Cement's AIM nominated adviser and broker is RFC Ambrian Limited.
Nominated Adviser contact: Stephen Allen or Andrew Thomson on +61 8 9480 2500.
Broker contact: Charlie Cryer at +44 20 3440 6800.
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