Steppe Cement Limited Market update for the quarter ended 31 March 2023 (0914W)
13 Avril 2023 - 9:00AM
UK Regulatory
TIDMSTCM
RNS Number : 0914W
Steppe Cement Limited
13 April 2023
13 April 2023
Steppe Cement Ltd
Market update for the quarter ended 31 March 2023
In the first quarter of 2023, Steppe Cement Ltd ("Steppe Cement"
or the "Company") sold 214,832
tonnes of cement for 4,938 million Tenge, compared to 281,968
tonnes of cement for 6,299 million
Tenge in the first quarter of 2022, representing a decrease of
24% and 22% respectively.
The Kazakh cement market decreased by 13% in Q1 2023 over the
corresponding quarter last year.
Steppe Cement's market share decreased to 12.7% in the first
quarter of 2023 from 13.7% in the first
quarter of 2022. The decrease in shipments was against a
backdrop of increased interest rates and logistical issues arising
from an overloading of the rail network and the priority given to
the transportation of coal for heating and power.
The average price for delivered cement in Q1 was 22,985 Tenge
per tonne (ex-VAT) compared with
22,341 Tenge per tonne in 2022, an increase of 3%. The
ex-factory price for the current quarter stood at
19,249 Tenge per tonne, compared to 19,006 Tenge per tonne in
2022, which represented a 1% increase.
Cement exports from Kazakhstan decreased by 20% from 2022,
primarily due to reduced exports to Uzbekistan, while imports to
Kazakhstan decreased from 7.1% to 4.1% of the market, mostly from
Russia.
The Company currently estimates Kazakhstan's cement market
demand will reduce to 10 to 10.5 million
tonnes per annum, but there is a high degree of uncertainty
regarding this due to the geopolitical situation.
There are no foreign exchange restrictions on the Kazakh banking
operations and the Company remains able to pay interest and
dividends abroad.
Steppe Cement's AIM nominated adviser and broker is RFC Ambrian
Limited.
Nominated Adviser: Contact Stephen Allen or Andrew Thomson at
+61 8 9480 2500.
Broker: Contact Charlie Cryer at +44 20 3440 6800
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END
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April 13, 2023 03:00 ET (07:00 GMT)
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