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Steppe Cement revenue rises as it focuses on price over volume
9th Oct 2020 13:35
(Sharecast News) - Kazakhstan-focussed cement company Steppe Cement reported third quarter revenue of KZT 11.11bn (£20.1m) on Friday, which was 5% higher than the same quarter in 2019.
The AIM-traded firm said that, for the nine months ended 30 September, it recorded revenue of KZT 24.8bn, rising 1% year-on-year.
It said sales volumes of 556,162 tonnes was achieved during the third quarter, which was a 4% decrease year-on-year as it prioritised price over volume in the period.
For the first nine months of 2020, the sales volume decreased 3% over the prior year to 1,316,509 tonnes.
"The average price for delivered cement was KZT 18,841 per tonne in the first nine months, compared with KZT 18,157 per tonne last year," the board said in its statement.
"For the first nine months of 2020, the ex-factory price stood at KZT 15,919 per tonne, an increase of 4% over KZT 15,301 in 2019."
Steppe said that, for the first nine months of 2020, the cement market in Kazakhstan was 7.3 million tonnes, which was 4% higher than in 2019.
Imports stood at 6% of total consumption, which was slightly below 2019, while exports from Kazakhstan increased 20% to 1.6 million tonnes.
"The current estimate of the cement market for 2020 is 9.1 million tonnes, or 2% above 2019, with Steppe Cement's market share at 16%," the board reported.
At 1216 BST, shares in Steppe Cement were up 1.96% at 26p.
The AIM-traded firm said that, for the nine months ended 30 September, it recorded revenue of KZT 24.8bn, rising 1% year-on-year.
It said sales volumes of 556,162 tonnes was achieved during the third quarter, which was a 4% decrease year-on-year as it prioritised price over volume in the period.
For the first nine months of 2020, the sales volume decreased 3% over the prior year to 1,316,509 tonnes.
"The average price for delivered cement was KZT 18,841 per tonne in the first nine months, compared with KZT 18,157 per tonne last year," the board said in its statement.
"For the first nine months of 2020, the ex-factory price stood at KZT 15,919 per tonne, an increase of 4% over KZT 15,301 in 2019."
Steppe said that, for the first nine months of 2020, the cement market in Kazakhstan was 7.3 million tonnes, which was 4% higher than in 2019.
Imports stood at 6% of total consumption, which was slightly below 2019, while exports from Kazakhstan increased 20% to 1.6 million tonnes.
"The current estimate of the cement market for 2020 is 9.1 million tonnes, or 2% above 2019, with Steppe Cement's market share at 16%," the board reported.
At 1216 BST, shares in Steppe Cement were up 1.96% at 26p.