Steppe Cement profit rises as Kazakh market grows 13%

Kazakhstan-based Steppe Cement Friday reported an increase in profit and revenue in the full year 2013, as domestic demand grew by double-digit figures.

Steppe posted pretax profit of US$13m for 2013, up from US$12m a year earlier, as revenue rose to US$123m from US$120.2m in 2012. EBITDA for 2013 rose to US$28.7m compared with US$24.9m in 2012.

Steppe said it sold 1.4Mt of cement during the period, up from 1.3Mt a year earlier, while selling prices increased five per cent in US dollars or seven per cent in Kazakhstani Tenge.

During the year Steppe Cement completed the reconstruction and modernisation of Line 5, its new plant, spending a total of US$105m on the works.

Overall, Steppe said the cement market in Kazakhstan increased by 13 per cent to 8.1Mt compared to 7.2Mt in 2012.  The company expects the overall market to expand by a further six per cent this year to 8.6Mt.