Steppe Cement (AIM:STCM) shares climbed just over 6%, to 22.3p, after it reported a sharp improvement in 2025 earnings as Kazakhstan’s cement market rebounded, lifting volumes, pricing and plant utilisation after several years of margin pressure.
Revenue rose 20% to US$101.5 million for the year ended 31 December 2025, while EBITDA increased to US$11.8 million from US$7.5 million. Net profit climbed to US$3.2 million from US$1.0 million a year earlier, and the company ended the period with cash of US$10.5 million.
Sales volumes increased 21% to around 2.07 million tonnes, while Steppe maintained a 14.4% market share. The wider Kazakh cement market grew by more than 20% to exceed 14 million tonnes, supported by residential construction, infrastructure projects and urbanisation.
The company said operational improvements on Line 6 helped lift clinker production to 1.63 million tonnes from 1.47 million tonnes. Following that progress, the board approved a US$30 million expansion project to raise clinker capacity from 3,000 to 4,500 tonnes per day.
The investment is expected to support future cement production capacity of around 2.5 million tonnes annually, with completion targeted for summer 2027. Steppe said the project includes a new cooler, raw mill, riser duct rebuild, new cyclones and kiln modifications, and is expected to reduce coal and electricity consumption per tonne.