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LONDON (Alliance News) - Kazakhstan-focused Steppe Cement Ltd Friday reported an increase in profit and revenue in the full year 2013, as it said the cement market in the central Asian country grew by 13%.
The cement producer posted pretax profit of USD13.0 million for 2013, up from GBP12.0 million a year earlier, as revenue rose to USD123.0 million from USD120.2 million in 2012.
Steppe said it sold 1.4 million tonnes of cement during the period, up from 1.3 million a year earlier, while selling prices increased 5% in US dollars or 7% in Kazakhstani Tenge, which was above the overall inflation rate in Kazakhstan of 5% for the year.
Earnings before interest, taxation, depreciation and amortisation for 2013 rose to USD28.7 million compared with USD24.9 million in 2012.
During the year Steppe Cement completed the reconstruction and modernisation of Line 5, its new plant, spending a total of USD105 million on the works.
Overall, Steppe said the cement market in Kazakhstan has increased 13% to 8.1 million tonnes compared with 7.2 million tonnes in 2012. Steppe said it expects overall market demand in 2014 to increase 6% to 8.6 million tonnes in the region.
Steppe Cement shares were up 4.2% at 37.00p at the open Friday.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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