By Duncan Ferris
Date: Thursday 12 Sep 2019
LONDON (ShareCast) - (Sharecast News) - Shares in Steppe Cement dived on Thursday as the company said the Kazakh cement market had contracted by 3% in the first half of the year, though interim profit and sales both increased.
The AIM traded company, which owns a cement manufacturing complex at Karaganda in central Kazakhstan, said it now expected a market of about 8.4m tonnes for the full year 2019, a 3% decrease compared to 2018.
Steppe Cement increased its local market share to 17% during the six month period ended 30 June, up from 15.5% for the corresponding period of 2018, and expects to maintain or increase this share slightly for the full year.
Interim sales came in 6% higher at 780,315 tonnes, sending group revenue up by 13% to $37.1m.
Consequently, profit before tax rocketed from $0.4m to $4.3m, having also benefited from a 16% drop in general and administrative expenses to $2.4m.
Meanwhile, production costs ran up by 17% in the half due to longer-than-usual annual maintenance, though Steppe Cement said it expects volumes lost in the first half to be made up in the second half.
Steppe Cement shares were down 14.26% at 29.15p at 1549 BST.
Email this article to a friend
or share it with one of these popular networks:
Currency | UK Pounds |
Share Price | 19.00p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 40.00 |
52 Week Low | 17.00 |
Volume | 83,482 |
Shares Issued | 219.00m |
Market Cap | £41.61m |
RiskGrade | 216 |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
---|
Latest | Previous | |
---|---|---|
Interim | Final | |
Ex-Div | 17-Nov-22 | 15-Jul-21 |
Paid | 02-Dec-22 | 30-Jul-21 |
Amount | 5.00p | 2.50p |
Time | Volume / Share Price |
12:39 | 1,251 @ 19.70p |
10:59 | 39,719 @ 18.12p |
10:59 | 40,012 @ 18.00p |
10:27 | 2,500 @ 19.45p |
You are here: research