Preliminary update to 31 December 2015

RNS Number : 6959L

Steppe Cement Limited

14 January 2016

 

14 January 2015

Preliminary update for the year ended 31 December 2015

Steppe Cement Ltd ("Steppe Cement" or the "Company") recorded revenue for the year ended 31 December 2015 of 19,537 million Tenge ("KZT"), which was 7% lower than the KZT 20,925 million recorded for the corresponding year ended 31 December 2014. A sales volume of 1,643,136 tonnes of cement was achieved in 2015, a 2% improvement over the 1,612,709 tonnes for the previous year. Average price (ex-VAT) for delivered cement was KZT 11,890 per tonne in 2015, an 8% decrease compared with KZT 12,975 per tonne in 2014 mostly due to price pressure from Russian imports until the KZT devaluation in August 2015. For 2015, the average ex-factory price stood at KZT10,176 per tonne (6% below 2014) representing US$ 49 per tonne based on 2015's average exchange rate for revenue.

In 2015, the cement market consumption in Kazakhstan is estimated to have increased to 9.5 million tonnes, an 11% growth over 2014. Steppe Cement's market share decreased from 19% in 2014 to 17.3% in 2015. During 2015, Kazakhstan imported 1.2 million tonnes of cement (vs 1.1 million in 2014), and exported 0.1 million tonnes (vs 0.5 million in 2014).

The full results and audited accounts denominated in US$ are expected to be published in April 2016.

The Company's Nominated Adviser is RFC Ambrian Limited. Contact: Stephen Allen or Oliver Morse, [phone]

 

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