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Steppe Cement’s latest reported results show stronger first-half 2026 sales, turnover and profit, while management expects full-year sales to fall below 2025. The company is also advancing a capacity expansion planned to enter commissioning in summer 2027. The figures are unaudited and cover the six months ended 30 June 2026; the company published them on 9 September.
What Steppe Cement reported for the first half of 2026
In its unaudited interim results, Steppe Cement reported higher cement sales and turnover and a return to interim profitability compared with the same period in 2025.
| Measure | Six months to 30 June 2026 | Six months to 30 June 2025 | Change |
|---|---|---|---|
| Cement sales | 978,950 tonnes | Not stated in the announcement summary | Up 15% year on year |
| Turnover in KZT | KZT29,588 million | KZT20,717 million | Up 43% |
| Turnover in USD | Approximately USD61.1 million | Approximately USD40.9 million | Up 49% |
| Profit after tax | USD9.0 million | USD0.5 million loss | Returned to profit |
| Gross margin | 34% | 21% | Up 13 percentage points |
The company said the improved gross margin reflected higher selling prices and better operating performance on larger production volumes. It also noted that transport and electricity costs continued to rise faster than inflation, putting pressure on costs.
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How much of the growth came from price, volume and currency?
Higher volume and selling prices
Sales rose 15% to 978,950 tonnes. The average delivered cement price increased to KZT30,224 per tonne from KZT24,361 in the first half of 2025. The combination of more tonnes sold and higher prices contributed to the increase in turnover.
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Currency affects the USD comparison
Steppe Cement reports in US dollars, while its Kazakh subsidiaries operate in tenge. The company reported a June exchange rate of KZT486 per USD, compared with KZT520 a year earlier, and said appreciation of the tenge affected USD-denominated selling prices and results. The 43% increase in turnover measured in KZT and the 49% increase in USD are therefore different comparisons; the latter reflects translation as well as operating performance.
What management expects for the rest of 2026
Management forecast full-year sales of approximately 1.95–2.0 million tonnes, below the approximately 2.07 million tonnes sold in 2025. The company attributed the expected decline primarily to lower clinker inventory carried into 2026. It expects the overall Kazakh cement market to remain broadly in line with 2025.
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For the first half of 2026, Steppe Cement said the domestic market was broadly flat year on year and that its market share was approximately 15%, two percentage points higher than in the comparable period. These market figures and the full-year outlook are statements from the company, not independently verified market measurements here.
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For context, Steppe Cement’s 2025 final results reported Kazakhstan cement consumption of more than 14 million tonnes, company sales of approximately 2.07 million tonnes, a 14.4% market share and revenue of USD101.5 million.
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What is happening with the capacity expansion?
The September interim report says expansion contracts have 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. The company reported USD2 million in advance payments during the first half of 2026.
Commissioning is planned for summer 2027 after a three-month shutdown of Line 6. The project targets approximately 2.5 million tonnes of annual cement production capacity. The reported project cost depends on the scope described in each announcement:
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- USD30 million: Steppe Cement’s May 2026 final-results announcement described an expansion to increase clinker production capacity from 3,000 to 4,500 tonnes per day and support cement capacity of approximately 2.5 million tonnes annually.
- USD35 million: The September 2026 interim report described the capacity-expansion project including ecological improvements. It also discussed up to USD10 million of best-available-technology investment over 2025–2035 and projected ecological-tax savings.
These amounts describe different scopes in separate company announcements; they should not be treated as directly interchangeable estimates of the same narrowly defined construction cost.
What has the company said about dividends?
The 9 September interim report said the Board had resolved to pay an interim dividend of 2 pence per ordinary share during October 2026. The company’s RNS announcements index subsequently listed a “Declaration of Interim Dividend” dated 7 October 2026. The linked notice’s terms are not established here, so the September figure should not be assumed to state the later notice’s payment timetable or other terms.
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How to read the latest news as an investor
- Operating performance improved: first-half sales volume, KZT turnover, USD turnover and gross margin were higher, and the company returned to interim profit.
- Growth is not only a volume story: selling prices rose, and tenge appreciation influenced translated USD figures.
- Full-year sales guidance is lower than 2025 actual sales: management points to lower opening clinker inventory, while expecting a broadly stable market.
- Expansion execution remains a forward-looking factor: the company has reported construction progress, but commissioning is planned for summer 2027 and requires a three-month Line 6 shutdown.
- Dividend details need the latest notice: the September report gives the 2-pence figure, while the index records a newer October declaration whose terms should be checked directly.
The latest results describe a stronger first half, not a full-year outcome. Sales guidance, expansion timing and the dividend terms in the later notice are company disclosures and expectations; they are not guarantees of future performance.
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