Steppe Cement Ltd (LSE:STCM) reported a 19% increase in revenue to USD 40.9 million for H1 2025, driven by an 18% rise in sales volumes. While the company recorded a net loss of USD 0.5 million, its financial position improved compared with the prior year. The Kazakh cement market expanded by 19% during the same period, although Steppe Cement expects slower growth in H2 2025. The company is prioritizing ecological compliance and exploring ways to enhance clinker production, while navigating challenges such as rising electricity costs and general inflation.
Steppe Cement’s outlook reflects solid financial fundamentals, supported by strong cash flow and low leverage. Nevertheless, technical indicators point to weak market momentum, and the high P/E ratio raises valuation concerns. Positive corporate developments and a robust dividend yield provide some balance, but further improvements in revenue growth and asset management are needed to enhance the company’s prospects.
About Steppe Cement
Steppe Cement Ltd operates in the cement industry, focusing on the production and sale of cement products. Listed on the AIM market, the company holds a significant market share in Kazakhstan, targeting around 14% of the domestic market.
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