Steppe Cement (AIM:STCM) announced it has generated revenue of KZT 21,824 million (approximately USD 47.2 million) in the third quarter of 2026, up 19% from KZT 18,284 million (approximately USD 34.1 million) in the same period last year.
The AIM-listed Kazakh cement producer said the gain came despite a 6.5% drop in sales volume, offset by a 28% increase in the tenge price of products sold and the currency's appreciation against the US dollar.
For the nine months to 30 September, revenue reached KZT 51,321 million (approximately USD 107.3 million), up 32% from KZT 39,002 million (approximately USD 75.0 million) a year earlier, with volumes rising to 1.63 million tonnes from 1.55 million tonnes.
The average delivered price over the nine-month period climbed to KZT 31,523 (approximately USD 65.9) per tonne, from KZT 25,145 (approximately USD 48.4) a year earlier, a rise of 25% in tenge and 36% in dollar terms, reflecting roughly 9% appreciation of the tenge against the dollar, from 520 to 478 KZT/USD, over the comparative periods.
Steppe Cement said its capacity expansion project, which is lifting annual output to 2.5 million tonnes, remains on time and on budget with funding in place; the project is being financed from operating cash flow, with commissioning targeted for summer 2027.
Kazakhstan's domestic cement market totalled 11.2 million tonnes in the first nine months, broadly in line with 2025, with imports accounting for 8.1% of consumption and exports reaching close to 1.0 million tonnes.
Full-year domestic demand is currently projected at roughly 14.5 million tonnes, little changed from last year, with Steppe Cement expected to hold a market share of approximately 14%.