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LONDON (Alliance News) - Kazakhstan-based Steppe Cement Ltd on Tuesday reported a double-digit profit growth in 2017, supported by reduction in costs and a rise in cement sales.
The construction materials producer said pretax profit more than doubled in 2017 to USD1.9 million from USD681,781 a year earlier, as revenue increased 25% to USD65.9 million from GBP52.5 million. On a constant currency basis, revenue rose 20%.
The company managed to cut its administrative expenses by 11% to USD4.2 million from USD4.8 million in 2016, thanks to "management efforts". Finance costs also decreased, to USD2.2 million from USD2.8 million.
During the year, Steppe Cement sold 1.63 million tonnes of cement, up 4.0% from 1.57 tonnes sold in 2016. Selling prices improved by 21% to USD40.4 per tonne delivered.
Looking ahead, the company said it expects the cement market demand in 2018 to increase by between 4.0% and 7.0%
Shares in Steppe Cement were trading 5.1% lower at 20.40 pence each on Tuesday.
