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Steppe Cement Ltd - Kazakhstan-focused construction materials firm - Sells 840,661 tonnes of cement in the first half of 2021, up 9.9% from 764,752 tonnes a year before. Says average cement price received in the first half rose by 10% year-on-year KZT19,814 per tonne, about GBP33.50, from KZT17,884, resulting in a 22% increase in the cash received by Steppe to KZT16.66 billion, about GBP28.2 million. Notes the overall cement market in Kazakhstan grew by 25% during in the first half.
"This significant increase can be partly justified as the [Kazakhstan] government has allowed partial withdrawals from individual's pension funds to be invested in real estate," the company notes.
Overall, cement imports in Kazakhstan remained constant at 5.2% of the local market, while exports increased by 12% to 960,000 tonnes. Notes its local market share was 14% in the first half, while it exported 8.5% of sales.
Current stock price: 51.70 pence, up 1.4% on Wednesday
Year-to-date change: up 62%
By Scarlett Butler; scarlettbutler@alliancenews.com
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