LONDON, July 7, 2026, 17:02 BST
- Steppe Cement Ltd (LON:STCM) posted first-half revenue of KZT29.59 billion, or around $61 million, selling 978,950 tonnes of cement.
- The share last traded flat at 20.50 GBX, with MarketScreener listing its market cap at $59.96 million.
- Steppe lifted its market share to 15% in Kazakhstan, where the domestic cement market stayed flat.
- The FTSE AIM All-Share was down 1.14% at 769.89 as of 16:29 BST.
Steppe Cement Ltd (LON:STCM) focused on prices and shares on Tuesday, rather than demand. First-half revenue climbed 43% in tenge even as Kazakhstan’s cement market didn’t move much, and the share price held at 20.50 pence. MarketScreener listed the market cap at $59.96 million, just below the $61 million in first-half sales.
The Kazakhstan-based cement maker sold 978,950 tonnes in the first half, up from 850,424 tonnes last year. Revenue increased to KZT29.59 billion from KZT20.72 billion, boosted by stronger delivered cement prices and a two-point gain in market share to 15%.
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Cement sold | 978,950 tonnes | 850,424 tonnes | up 15% |
| Revenue | KZT29.59 bln | KZT20.72 bln | up 43% |
| Delivered price, ex-VAT | KZT30,224/t | KZT24,361/t | up 24.1% |
| Ex-factory price | KZT27,747/t | KZT21,126/t | up 31.4% |
| Domestic market share | 15% | 13% | higher by 2 pts |
Q2 numbers stand out. Compared to April’s Q1 report, first-half results point to 634,892 tonnes in Q2 and an average delivered price near KZT31,332 per tonne, which is up about 11% over Q1. The higher price looks like carryover into the busier season, not evidence of a bigger Kazakhstan market.
| Period | Cement volume | Average delivered price | Basis |
|---|---|---|---|
| Q1 2026 | 344,058 tonnes | KZT28,181/t | Reported |
| Q2 2026 | 634,892 tonnes | KZT31,332/t | Implied from H1 minus Q1 |
| H1 2026 | 978,950 tonnes | KZT30,224/t | Reported |
Steppe’s full-year outlook comes down despite its solid first half. The company guides for 2026 sales at 1.95 million tonnes, which is lower than 2025’s figure, mostly due to thinner clinker stock at the start of the year. With about 2.07 million tonnes sold in 2025, that’s a drop of about 5.8% in volume, leaving nearly 971,050 tonnes for the second half.
Costs are still a problem. Steppe said it kept seeing higher transport and electricity costs, so it stuck to serving markets closer to the plant. Inflation in Kazakhstan dropped to 10.3% from 11.3% last year. The base rate stayed at 17%. The tenge was up 7% against the dollar since June 2025.
The currency line is key since Steppe said most expansion deals use dollars. A stronger tenge supported the dollar price per tonne in H1. The company said it plans to hedge most of the project’s currency risk.
The capacity project now dominates the balance sheet. Steppe said it has 90% of contracts for the 2.5 million tonnes phase signed, with all advances paid. More than 150 workers are on site. Commissioning is still planned for summer 2027. The company is using cash flow to fund work and would only consider taking on debt if it decides to expand.
Steppe said in January the project would cost around $35 million. The company said finishing it might lift EBITDA by about $8 million. That price tag is about 58% of what MarketScreener lists as Steppe’s dollar market cap. That may be why shares didn’t react more to a 43% jump in first-half revenue.
| Market marker | Latest reading | Day move | Other detail |
|---|---|---|---|
| Steppe Cement | 20.50 GBX | 0.00% | Bid at 19p, ask at 22p. Spread is 15.789%. Market cap £44.90 mln |
| Steppe Cement performance | — | — | Up 5.13% in the last five days. Year-to-date gain is 13.89% |
| FTSE AIM All-Share | 769.89 | -1.14% | Day’s range 769.73 to 777.16 |
Hargreaves Lansdown listed STCM as market closed, with prices showing at least a 15-minute delay. Executive Chairman Javier del Ser and CEO Petr Durnev plan to give a presentation via Investor Meet Company on July 9 at 10:00 BST. Investors can submit questions before the event.
