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Steppe Cement Ltd closed higher on Thursday, after it reported increased revenue and sales volume for last year. In response, its share price climbed 9.4% to 20.78 pence on Thursday in London. The Kazakhstan-focused cement producer reported KZT52.38 billion, around $100 million, in revenue for 2025. This was up 33% in KZT from KZT39.24 billion for the previous year. Cement sales volume increased 21% to approximately 2.1 million tonnes, all sold domestically, thanks to ‘several years of incremental processing improvements’. Steppe added that its factory is currently at maximum capacity. Steppe Cement said the average price for delivered cement rose 10% on-year to KZT25,266 per tonne from KZT22,916 per tonne. Steppe said cement consumption in Kazakhstan increased to 14.5 million tonnes from 11.9 million tonnes, ‘mostly due to strong housing construction’. The firm’s share of the domestic market was 14.3%, marginally down from 14.5%. The company noted that Independent Non-Executive Chair Xavier Blutel has now stepped down, with immediate effect, and announced the appointment of former chief executive Javier del Ser as executive chair. Petr Durnev, who has worked for Steppe since 1998, has succeeded him as CEO. Looking ahead, Steppe intends to expand its cement production capacity to 2.5 million tonnes to meet ‘increasing demand’. This will mean upgrading a clinker line to 4,500 tonnes per day from 3,000 tonnes, a project which Steppe expects to complete in the summer of 2027. Steppe added that it intends to maintain dividends at current levels over the next two years, assuming market conditions remain unchanged. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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