8th Oct 2018 12:35
LONDON (Alliance News) - Steppe Cement Ltd said Monday that its third quarter revenue increased 26% as cement prices soared and despite lower sales volumes.
For the three months to September 30, the company posted revenue of KZT11.69 billion, or GBP24.1 million, up from KZT9.31 billion for the same period a year ago.
For the nine months ended September, Steppe recorded revenue of KZT22.41 billion compared with KZT17.86 billion a year prior.
The company's sales volume decreased 5% over the quarter to 648,761 tonnes, due to "prioritising price versus volume since the beginning of the season" the firm said.
For the first nine months of the year, sales volume increased by 4% to 1.39 million tonnes from 1.34 million tonnes a year ago.
The average price, excluding value added tax, for delivered cement was KZT16,161 per tonne, up year-on-year from KZT13,372 per tonne.
Looking ahead, the company maintained its expectations for the cement market in Kazakhstan for 2018 at 9 million tonnes, with its own activity representing a market share of 17%.
Steppe Cement shares were untraded at 24.40 pence on Monday.
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