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Pin to quick picksSteppe Cement Share News (STCM)

Share Price Information for Steppe Cement (STCM)

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TRADING UPDATES: Steppe's cement sales up; Atalaya output falls

Wed, 13th Apr 2022 21:56

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Steppe Cement Ltd - Kazakhstan-focused construction materials firm - Sells 281,968 tonnes of cement in first quarter, up from 265,556 tonnes a year prior. Nets KZT6.30 billion, about GBP10.7 million, in first quarter of 2022, up 29% from KZT4.88 billion. "The Kazakh cement market increased by 12% in Q1 2022 over the corresponding quarter last year. Steppe Cement's market share increased to 13.7% in the first quarter of 2022 from 13.2% in the first quarter of 2021," company says.

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Atalaya Mining PLC - copper miner in Spain - Copper output in first quarter falls to 11,249 tonnes down 20% from 13,979 tonnes a year prior. "The decrease in copper production compared to prior periods is mainly attributable to the temporary plant shutdown following the transport sector strike and lower copper grades processed, partially offset by higher copper recoveries," company says. Annual guidance is for 54,000 to 56,000 tonnes. Realised copper prices rise to USD4.42 per pound from USD4.36 per pound in third quarter. Also outlines new resource estimates at San Dionisio and San Antonio deposits, which form part of Proyecto Riotinto. San Dionisio open pit resource has measured and indicated resource of 56.1 million tonnes at 0.9% copper, 1.1% zinc and 0.2% lead, at a cut-off of 0.2% copper. San Dionisio underground resource has inferred resource of 12.4 million tonnes at 1.0% copper, 2.5% zinc and 0.6% lead. San Antonio underground resource at 11.8 million tonnes at 1.3% copper, 1.8% zinc and 1.0% lead.

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Enwell Energy PLC - London-based oil and gas company - Says total first quarter output falls to 3,164 barrels of oil equivalent per day, down from 4,576 boepd a year prior. Enwell adds: "In light of the Russian military action in Ukraine, on 24 February 2022, Enwell shut-in and made safe its production and drilling operations at all of its fields. Subsequently, on 11 March 2022, having taken a number of measures to ensure safe operations, Enwell commenced the partial restart of production operations at its MEX-GOL and SV fields."

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eEnergy Group PLC - London-based energy efficiency-as-a-service provider - Enters into EUR10 million project funding facility with fund manager SUSI Partners AG. Company adds: "The facility extends the relationship eEnergy has had with SUSI in Ireland to the UK. In making available financing for up to twelve years and across eEnergy's range of energy efficiency and onsite generation technologies, the facility enables eEnergy to continue to create innovative, market leading capital free solutions for its customers."

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Billington Holdings PLC - Barnsley, England-based construction company - Says results for 2021 hit by timing of some contracts. "Notwithstanding this, the underlying trading position was slightly ahead of market expectations," Billington says. Makes exceptional provision of GBP1.1 million against receivables on a contract. Company says: "The company is currently in extensive dialogue with the developer to complete the project and seek recovery of all outstanding monies." Says current trading is in line with board expectations.

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Distribution Finance Capital Holdings PLC - Manchester-based bank providing personal savings products and working capital to dealers and manufacturers - Says pretax loss in 2021 narrows to GBP3.7 million from GBP13.6 million in 2020. Gross revenue rises 19% to GBP13.6 million from GBP11.5 million. Loan book expands to GBP249 million from GBP113 million.

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Octopus Renewables Infrastructure Trust PLC - London-based investment company focused on renewable energy assets in Europe and Australia - Commits to invest EUR3.5 million to set up and fund Nordic Renewables Ltd, which is targeting a new development platform focused on renewable energy assets in Finland.

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By Eric Cunha; ericcunha@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Steppe Cement Ltd - Malaysia-based Kazakhstan-focused cement producer - Says revenue in 2023 was KZT37.29 billion, around USD82 million, down 7.2% from KZT40.20 billion the year before. This was due to lower sales volumes, which fell year-on-year to around 1.6 million tonnes in 2023. Average price for delivered cement was KZT22,927 per tonne, down 4.3% from KZT23,963 per tonne achieved in 2022. Adds 2023 cement market consumption in Kazakhstan was 11.5 million tonnes compared to 11.6 million the year prior, with Steppe's local market share being 14.2% compared to 14.5% year-on-year.

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Steppe Cement Ltd - Malaysia-based Kazakhstan-focused cement producer - Says new tax legislation in Malaysia, the Netherlands and Kazakhstan means its corporate structure is inefficient for making shareholder returns. Says it is therefore reviewing other ways to distribute value to shareholders. Notes that it said it would pay a dividend between 2 pence and 3p in July last year.

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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IN BRIEF: Steppe Cement shares plunge as first quarter sales drop

Steppe Cement Ltd - Karaganda, Kazakhstan-based cement manufacturer - Sells 214,832 tonnes of cement for KZT4.94 billion, around GBP8.7 million, in the first quarter of 2023. In the same quarter of 2022, the company sold 281,968 tonnes of cement for KZT6.30 billion. This represents a 24% decline year-on-year in cement tonnes sold and a 21% year-on-year decline in the price of cement sold. Adds that its market share reduced to 13% in the quarter from 14% in the same quarter the year prior. Explains the fall in shipment came against a backdrop of increased interest rates and logistical issues arising from an overloading of the rail network. Currently estimates that Kazakhstan's cement market demand will reduce to between 10 million tonnes per year to 10.5 million tonnes per year, but adds there is a "high degree of uncertainty" regarding this due to the geopolitical situation.

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