9th Oct 2014 08:50
LONDON (Alliance News) - Steppe Cement Ltd Thursday said it has increased revenue and its volume of sales in the first three quarters of the year, but saw cement prices decrease despite market growth in Kazakhstan, where it operates.
Revenue in the third quarter ended September 30 reached KZT7.7 million, an increase from the KZT7.2 million reported in the same period in 2013. For the nine months ended September 30, Steppe recorded a 9% increase in revenue to KZT16.8 million from KZT15.4 million in the comparable period in 2013.
Steppe recorded sales volume of 582,429 tonnes during the third quarter, a 16% increase from the same period in 2013. For the nine months ended September 30, its sales volume increased by 21% to 1.3 million tonnes from 1.1 million tonnes in 2013.
The average price, excluding VAT, for its delivered cement was KZT12,987 per tonne for the first nine months, down from the KZT14,448 per tonne in the same period in 2013.
The cement market in Kazakhstan increased by 5% during the first nine months of 2014, compared to the corresponding period in 2013. Imports decreased from 20% to 14% of the total consumption, whilst Steppe Cement's market share stood at 19% in September 2014, it said in a statement.
Steppe Cement shares were up 2.9% to 36.00 pence per share Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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