Kazakhstan: Steppe Cement 1H16

Steppe Cement's 1H16 revenues fell 47 per cent YoY to US$24m, despite the company seeing a  six per cent YoY increase in cement sales volumes.

The decline in revenue was driven by the sharp depreciation in the tenge, while strong competition in the market resulted in further price falls. Steppe Cement's average ex-works price decreased nine per cent YoY to KZT8781/t in 1H16, while in US dollars terms the ex-works prices declined 51 per cent YoY to US$26/t.

As a result, despite the seasonally-weak 1H16, Steppe Cement's net debt was almost unchanged during the period, at US$29m.