Steppe Cement (LSE:STCM) posted first-half 2026 revenue of KZT 29,588 million (approximately US$61 million), a 43% increase in tenge terms from KZT 20,717 million (approximately US$40 million) in the same period of 2025.
Volumes rose 15% to 978,950 tonnes from 850,424 tonnes, while the average delivered price climbed to KZT 30,224 (US$62.1) per tonne from KZT 24,361 (US$47.6) per tonne, with the company attributing part of the dollar-price gain to a 7% appreciation of the Kazakh tenge against the US dollar since June 2025.
The AIM-listed Kazakhstani cement producer cautioned that rising transport and electricity costs are keeping its commercial focus on markets close to its factory.
For the full year, Steppe Cement anticipates sales of 1.95 million tonnes, below 2025 levels, primarily because of lower clinker inventory carried into the year.
The company's capacity expansion project, targeting 2.5 million tonnes annually, is 90% contracted, with major demolition and foundation work nearing completion and structural work under way across most areas; commissioning is expected in summer 2027.
Steppe Cement said it is funding the project from operating cash flow and will consider taking on debt only if the current expansion scope is enlarged.
