International Cement Group (ICG), which operates cement plants in Tajikistan and Kazakhstan, has reported revenue of SGD257.4m (US$191.4m) in 2023, up 14 per cent on the SGD225.2m seen in the previous year. Net income over the same period was down 44 per cent to SGD16.1m. EBITDA in 2023 was recorded at SGD60.8m, down from SGD66.2m in the previous year, while profit after tax contracted from SGD38.8m in 2023 to SGD29.1m in 2024. According to the company, the fall in profit was driven by a significant increase in operating costs and tax expenses.
In 2023 the group sold 3.2Mt of cement, up from 2.8Mt in 2022 and 2.4Mt in the previous year. In Tajikistan, the comkpany currently runs the largest cement plant in the Khatlon region with a production capacity of 1.2Mta. It also operates a 0.6Mta grinding station in Kolkhozabad and a gypsum plasterboard plant in the Yovon district, which commenced production in December 2023. In Kazakhstan ICG owns and operates two cement plants located in the Almaty and East Kazakhstan regions, with production capacities of 1.2Mta and 1Mta, respectively.
The group is currently building its fourth cement plant, the Korcem plant, in the Korday district of Kazakhstan with a production capacity of 1.5Mta. This facility, which is due to complete in June 2024, will boost the group’s annual cement production capacity to 5.5Mt. “The Korcem plant, strategically located in the neighbouring region of the Alacem plant with direct export routes to Kyrgyzstan, will strengthen our position in south-eastern Kazakhstan and enhance our ability to meet the increasing construction demands,” said the group.
Looking ahead to 2024, the group expects cement demand in central Asia to remain buoyant, supported by government investment in urbanisation and infrastructure development. The Kazakh government has projected an average annual economic growth rate of 5.8 per cent between 2024-28, with real GDP forecast to advance from 5.3 per cent in 2024 to six per cent in 2028. Over the same period, the construction industry is predicted to advance by an average rate of 8.8 per cent. Tajikistan’s real GDP is forecast to grow by six per cent in 2024 with the government increasing public investment spending in infrastructure and the energy sector, specifically the Rogun Hydropower Project.
