Steppe Cement Share Price (STCM)

Looks a bargain for me... will keep an eye out if it goes any lower!

Interesting, below 20p again. It does not seem like a massive sell off. Maybe somebody had enough of waiting for the sp to go higher faster... I guess the real value will be seen after the plant upgrade which is more than a year away. If divi 1.5p is maintained, we are over 7.5%.

BTW, re divi - will it be still capital return or they change the company structure so paying divi is more tax efficient? I believe paying regular divi would attract more buyers as stock scanners don't pick STCM as a decent divi payer.

A good update for the year ending 31 Dec 2026 in this morning’s RNS:-

“The Board of Steppe Cement (AIM: STCM) is pleased to announce the Company's final results for the year ended 31 December 2025, which are set out below.

Highlights:

Strong Market Recovery and Volume Growth

The Kazakh cement market experienced significant growth in 2025, with consumption increasing by more than 20% to exceed 14 million tonnes, supported by residential construction, infrastructure projects and ongoing urbanisation. Steppe Cement maintained a 14.4% market share of the cement market while increasing sales volumes by 21% to approximately 2.07 million tonnes through improved operational reliability and increased clinker production.

Significant Improvement in Financial Performance

Revenue increased to USD 101.5 million, up 20% year-on-year, driven by higher sales volumes and improved pricing. Gross profit rose to USD 28.4 million, while EBITDA improved to USD 11.8 million from USD 7.5 million in 2024. Net profit increased to USD 3.2 million (2024: USD 1.0 million), reflecting improved operational efficiency, tighter cost control and a more favourable market environment. The Company ended the year with a strong cash position of USD 10.5 million.

Operational Progress and Capacity Expansion.

The operational improvements implemented on Line 6 continued to deliver strong results, with the Company's clinker production increasing to 1.63 million tonnes in 2025 from 1.47 million tonnes in 2024. Following this progress, the Board approved a USD 30 million expansion project to increase clinker production capacity from 3,000 to 4,500 tonnes per day, supporting future cement production capacity of approximately 2.5 million tonnes annually. Completion is expected by summer 2027.

Steppe Cement wishes to inform that its Annual General Meeting will take place at its Malaysian Office at Suite 10.1, 10th Floor, West Wing, Rohas Perkasa, 8 Jalan Perak, Kuala Lumpur, Malaysia on Friday, 26 June 2026 at 4.00 p.m. (UTC+8).

A copy of the Annual Report 2025 and the Notice of Annual General Meeting will shortly be made available on the Company's website at www.steppecement.com.

Well done STCM.

STCM outperforms the metrics Y-O-Y for the third quarter in a row… gathering momentum. Hopefully the Company can maintain this momentum into launch of its step-up in capacity in Summer 2027, to hit the ground running. Significant step up in EBITDA anticipated beyond that point.

Well done again, STCM.

Agreed. Great results. This was already undervalued based on historic performance IMO. The capex spend over the next 15 months is not far off the MCap before todays rise. Whilst debt to equity ratio will come under pressure as £25m of capex is being funded by loans, the equity should rise with the increased capacity and efficiency. A really solid business here which feels like it is sheltered somewhat from the ongoing global turmoil.