Steppe Cement’s latest published results show a stronger first half of 2026: cement sales and turnover increased, and the company returned to interim profit. The unaudited figures cover the six months ended 30 June 2026, not the full year. Management also set a lower full-year sales expectation than the 2025 actual, outlined progress on an expansion planned to enter service in summer 2027, and reported a 2 pence interim dividend for October. A further dividend declaration appeared on the company’s announcement index on 7 October, but its terms are not established by the accessible notice information.
What is the latest Steppe Cement news?
The latest results with financial details available here are Steppe Cement’s unaudited interim results, published on 9 September 2026, for the half year ended 30 June. The company reported cement sales of 978,950 tonnes, turnover of KZT29,588 million (about USD61.1 million), and profit after tax of USD9.0 million. Its official RNS announcement index also lists a “Declaration of Interim Dividend” dated 7 October 2026. The index confirms the notice’s date and title, but not its terms.
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The results and market update are company disclosures, and the interim figures are unaudited. They describe performance through June rather than a complete-year outcome. Read the interim results and market update.
How did first-half performance change?
Compared with the six months ended 30 June 2025, Steppe Cement sold more cement, recorded higher turnover in both reported currencies, and moved from a small loss to a profit.
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| Measure | H1 2026 | H1 2025 | Reported change |
|---|---|---|---|
| Cement sales | 978,950 tonnes | Not stated as a precise figure in the interim announcement | Up 15% |
| Turnover in tenge | KZT29,588 million | KZT20,717 million | Up 43% |
| Turnover in US dollars | About USD61.1 million | About USD40.9 million | Up 49% |
| Profit/(loss) after tax | USD9.0 million profit | USD0.5 million loss | Returned to interim profitability |
| Gross margin | 34% | 21% | Increased by 13 percentage points |
Figures are those reported by Steppe Cement for the unaudited half-year periods; turnover and profit are not the same measure. The company attributed its improved gross margin to higher selling prices and better operating performance on larger production volumes. It also said transport and electricity costs continued to rise faster than inflation, which weighed against those improvements.
Why do prices and currency both matter?
The average delivered cement price rose to KZT30,224 per tonne in H1 2026 from KZT24,361 a year earlier. Steppe Cement said appreciation of the tenge against the US dollar contributed to higher USD-denominated selling prices and affected the translation of its results. The company reports in US dollars, while its Kazakh subsidiaries operate in tenge.
The interim announcement gives an exchange rate of KZT486 per USD at June 2026, compared with KZT520 a year earlier. The 43% increase in turnover measured in tenge is a useful view of growth in the operating currency; the reported 49% US-dollar increase also reflects currency translation. Neither figure by itself explains the full change in profit, which also depends on prices, volumes, costs, and operating performance.
What does management expect for full-year 2026?
Management expects sales of approximately 1.95–2.0 million tonnes for 2026, below the approximately 2.07 million tonnes Steppe Cement reported for 2025. The company primarily attributed the lower expectation to reduced clinker inventory carried into 2026. It expects Kazakhstan’s cement market overall to remain broadly in line with 2025.
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For H1 2026, Steppe Cement described the domestic market as broadly flat year on year and put its own market share at approximately 15%, two percentage points above the comparable prior-year period. These market figures and the full-year outlook are the company’s statements and forecast, not independently verified market measurements here. They are expectations, not guaranteed results.
What is happening with the capacity expansion?
Steppe Cement says it is progressing a project intended to increase production capacity, with commissioning planned for summer 2027 after a three-month shutdown of Line 6. The September interim report said contracts had been signed, major demolition and foundation work was nearing completion, structural work had started in most project areas, and more than 250 workers were on site. It also reported USD2 million in advance payments during H1 2026.
The company’s announcements describe two different project cost figures with different stated scopes:
| Announcement | Project amount and scope stated | Capacity/timing stated |
|---|---|---|
| 2025 final results, published 27 May 2026 | USD30 million expansion | Increase clinker production from 3,000 to 4,500 tonnes per day; support cement capacity of approximately 2.5 million tonnes annually |
| H1 2026 interim report, published 9 September 2026 | USD35 million capacity-expansion project, including ecological improvements | Approximately 2.5 million tonnes of production capacity; commissioning planned for summer 2027 after a three-month Line 6 shutdown |
The September report separately describes up to USD10 million of best-available-technology investment over 2025–2035 and projected ecological-tax savings. These are company-stated plans and projections; the two headline project amounts should not be treated as identical scopes. The earlier announcement is available in Steppe Cement’s 2025 final results.
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What is known about the dividend?
The 9 September interim report says the Board resolved to pay an interim dividend of 2 pence per ordinary share during October 2026. The company’s RNS index subsequently lists another declaration dated 7 October. Since the linked notice’s terms are not available from the index information, it is not possible to establish whether the later announcement confirms the earlier payment details, changes the timetable, or adds other terms. Do not infer a revised payment or record date from the listing alone.
How does the latest update compare with 2025?
Steppe Cement’s 2025 final results reported approximately 2.07 million tonnes of company sales, a 14.4% market share, and USD101.5 million in revenue. The company said Kazakhstan’s cement consumption exceeded 14 million tonnes that year. These are figures from Steppe Cement’s announcement, published 27 May 2026, rather than independently verified market statistics here. The 2026 interim results show stronger first-half sales and turnover than the prior-year half, while the full-year sales forecast remains below 2025 actual sales.
What should investors take from the news?
- Operating momentum improved in H1: reported volume, delivered price, turnover, and gross margin rose year on year, and the company reported a return to profit.
- Currency complicates comparisons: tenge appreciation contributed to the difference between growth in local-currency and US-dollar turnover.
- Full-year sales may be lower: management’s 1.95–2.0 million-tonne expectation is attributed mainly to lower opening clinker inventory, despite its expectation of a broadly steady national market.
- Expansion delivery remains a forward-looking issue: the stated summer 2027 commissioning plan follows a three-month Line 6 shutdown, so execution and timing matter alongside the targeted capacity.
- Dividend terms need the dated notice: the September report gives a 2 pence-per-share October dividend, but the 7 October index entry should be checked for any updated details.
These company disclosures describe operating and financial performance; they do not establish future share-price performance or guarantee that forecasts, project timing, or dividend plans will be achieved.
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