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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Steppe Cement Ltd | LSE:STCM | London | Ordinary Share | MYA004433001 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.50 | 17.00 | 20.00 | 18.50 | 18.50 | 18.50 | 63,776 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Cement, Hydraulic | 86.73M | 17.78M | 0.0812 | 2.28 | 40.52M |
TIDMSTCM
RNS Number : 9106M
Steppe Cement Limited
19 September 2023
19 September 2023
Steppe Cement Limited
("Steppe Cement" or the "Company")
Interim Results for the Half Year Ended 30 June 2023 and General Market Update
1. Interim Results
During the six-month period to 30 June 2023, the Group posted revenue of USD36.9 million, a decline of 14% from USD43.1 million in the corresponding period in 2022. The decline was mainly attributable to the 11% lower sales volume. The drop was concentrated in the first few months of the year when cement prices were maintained. Consequently the Company decided to adjust pricing to recover the volumes.
6 months 6 months % of ended ended change 30 June 30 June 2023 2022 Sales (Tonnes) 749,034 837,063 -11% ------------------ -------------------- --------------------- Consolidated Turnover (KZT million) 16,702 19,779 -16% ------------------ -------------------- --------------------- Consolidated Turnover (USD million) 36.9 43.1 -14% ------------------ -------------------- --------------------- Consolidated profit after tax (USD million) 0.1 10.2 -99% ------------------ -------------------- --------------------- Earnings per share (Cents) 0.1 4.7 -99% ------------------ -------------------- --------------------- Average exchange rate (USD/KZT) 454 449 1% ------------------ -------------------- ---------------------
The average sales price was USD50 (KZT22,665) per tonne compared with USD52 (KZT23,391) per tonne in the corresponding period in 2022.
The gross margin was reduced to 26% in the six-month period to 30 June 2023 compared with 46% in the same period last year due to the combination of higher production costs, lower volumes and a lower selling price. Selling expenses increased by USD0.9 million or 16% to USD6.2 million, while general and administration expenses increased 7% by USD0.2 million to USD3.4 million.
Volumes are recovering in the second half of the current year and prices have been slightly increased, while the cost of production is improving as well.
General inflation in Kazakhstan was 17% during the period, but the situation has improved in the second half of 2023.
The Group posted a small net profit for the period of USD0.1 million compared with USD10.2 million profit after tax in the same period in 2022.
2. Production and capex
-- Cash production costs increased by 11% in KZT in the first half of 2023 primarily due to the higher electricity, diesel and spare parts for maintenance costs together with lower production volumes and significant repairs in line 5.
-- There were significant stoppages and repairs in the first half of 2023 as a consequence of the unexpectedly cold weather during the general stoppage of November 2022.
-- The separator of cement mill number 1 has been commissioned and work has started in
the separator of cement mill number 2. Together these two projects will allow the increase of slag usage, reduce power consumption and improve cement quality and stability.
3. Update on the Kazakh cement market
-- The Kazakh cement market during the first half of 2023 reduced by 5.6% compared to the same period last year.
-- The Company expects to maintain its market share at around 14% for the full year.
-- Exports from Kazakhstan [in the first half of 2023] remained the same as in the corresponding period in 2022 at 0.55 million tonnes.
-- Imports in the current period represented 4.3% of the local market, 2% less than in 2022.
4. Finance
-- Total finance costs for the period were USD 0.5 million with interest expenses on bank debt falling to USD 0.2 million mostly on subsidised loans while the Company maintained interest expenses on lease liabilities at USD 0.1 million after the application of IFRS 16 on the 3-year wagon leases. The rental on those wagons was previously treated as selling expenses. The contract to rent wagons is due for renewal in the second half of 2023.
-- The borrowings of the Company as at 30 June 2023 were USD6.7 million while we
carried a cash balance of USD6.0 million. For comparison, on 30 June 2022 the
Company had USD5.4 million of borrowings and USD14.7 million in cash.
A pdf copy of the announcement and the full interim financial statements is available on the company's website at www.steppecement.com
For further information, please contact:
Steppe Cement Limited www.steppecement.com Javier del Ser Pérez, Chief Executive Tel: +(603) 2166 Officer 0361 Strand Hanson Limited (Nominated & Financial www.strandhanson.co.uk Adviser and Broker) James Spinney / Ritchie Balmer / Robert Collins Tel: +44 20 7409 3494
SUMMARY OF INTERIM FINANCIAL STATEMENT
FOR THE PERIODED 30 JUNE 2023 (UNAUDITED)
(In United States Dollars)
The Notes to the Interim Financial Statements form an integral part of the Condensed Financial Statement. Please visit the Company's website at www.steppecement.com to view the full interim financial statements.
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE PERIODED 30 JUNE 2023 (UNAUDITED)
The Group The Company 6 months ended 6 months ended 30 June 30 June 30 June 30 June 2023 2022 2023 2022 USD'000 USD'000 USD'000 USD'000 Revenue 36,882 43,125 683 670 Cost of sales (27,405) (23,148) - - ------------- ------------- ------------ ------------ Gross profit 9,477 19,977 683 670 Selling expenses (6,154) (5,285) - - General and administrative expenses (3,421) (3,183) (176) (165) ------------- ------------- ------------ ------------ Operating (loss)/profit (98) 11,509 507 505 Interest income 93 266 - - Finance costs (483) (435) - - Net foreign exchange (loss)/gain (14) (246) 18 3 Other income, net 563 940 - - ------------- ------------- ------------ ------------ Profit before income tax 61 12,034 525 508 Income tax expense (9) (1,831) - - ------------- ------------- ------------ ------------ Profit for the period 52 10,203 525 508 ============= ============= ============ ============ Attributable to shareholders of the Company 52 10,203 525 508 ============= ============= ============ ============ Earning per share: Basic and diluted (cents) 0.1 4.7 ============= =============
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIODED 30 JUNE 2023 (UNAUDITED)
The Group The Company 6 months ended 6 months ended 30 June 30 June 30 June 30 June 2023 2022 2023 2022 USD'000 USD'000 USD'000 USD'000 Profit for the period 52 10,203 525 508 Other comprehensive income/ (loss): Item that may not be reclassified subsequently to profit or loss ------------------------------------ Exchange differences arising on translation of foreign operations 48 (4,941) - - Total comprehensive income for the period 100 5,262 525 508 ============ ============== ============ =========== Attributable to shareholders of the Company 100 5,262 525 508 ============ ============== ============ ===========
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023 (UNAUDITED)
The Group The Company Unaudited Audited Unaudited Audited 30 June 31 Dec 2022 30 June 31 Dec 2023 2023 2022 USD'000 USD'000 USD'000 USD'000 Assets Non-Current Assets Property, plant and equipment 49,822 49,362 - - Right-of-use assets 3 5 - - Investment in subsidiary companies - - 36,200 36,200 Loan to subsidiary company - - 30,040 30,050 Other assets 196 1,531 - - Total Non-Current Assets 50,021 50,898 66,240 66,250 -------------- ---------------- -------------- ------------- Current Assets Inventories 21,190 20,646 - - Trade and other receivables 1,938 2,045 3,461 2,372 Other assets 2,409 1,082 - - Income tax receivable 1,421 603 - - Loans and advances to subsidiary companies - - 60 60 Advances and prepaid expenses 8,687 8,577 16 7 Cash and cash equivalents 6,002 4,144 652 1,240 Total Current Assets 41,647 37,097 4,189 3,679 -------------- ---------------- -------------- ------------- Total Assets 91,668 87,995 70,429 69,929 ============== ================ ============== =============
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023 (UNAUDITED)
The Group The Company Unaudited Audited Unaudited Audited 30 June 31 Dec 30 June 31 Dec 2023 2022 2023 2022 USD'000 USD'000 USD'000 USD'000 Equity and Liabilities Capital and Reserves Share capital 73,761 73,761 73,761 73,761 Revaluation reserve 1,747 1,793 - - Translation reserve (125,804) (125,852) - - Retained earnings / (Accumulated losses) 115,476 115,378 (3,695) (4,220) -------------- -------------- --------------- -------------- Total Equity 65,180 65,080 70,066 69,541 -------------- -------------- --------------- -------------- Non-Current Liabilities Borrowings 5,104 3,914 - - Deferred taxes 2,460 3,267 - - Deferred income 2,700 2,713 - - Provision for site restoration 182 178 - - Total Non-Current Liabilities 10,446 10,072 - - -------------- -------------- --------------- -------------- Current liabilities Trade and other payables 10,402 7,348 - - Accrued and other liabilities 3,568 2,251 148 144 Amount due to a subsidiary company - - 215 244 Borrowings 1,651 2,814 - - Lease liabilities 421 59 - - Taxes payable - 371 - - Total Current Liabilities 16,042 12,843 363 388 -------------- -------------- --------------- -------------- Total Liabilities 26,488 22,915 363 388 -------------- -------------- Total Equity and Liabilities 91,668 87,995 70,429 69,929 ============== ============== =============== ==============
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2023 (UNAUDITED)
Non-distributable Distributable The Group Share Revaluation Translation Retained Total capital reserve reserve earnings USD'000 USD'000 USD'000 USD'000 USD'000 As at 1 January 2023 73,761 1,793 (125,852) 115,378 65,080 ------------ ------ ---------------- ------ ---------------- ------ ------ ------------------ ------ ------------ Profit for the period - - - 52 52 Other comprehensive income - - 48 - 48 Total comprehensive income for the period - - 48 52 100 Transfer of revaluation reserve relating to property, plant and equipment through
use - (46) - 46 - As at 30 June 2023 73,761 1,747 (125,804) 115,476 65,180 ============ ================ ================ ================== ============
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023 (UNAUDITED)
Non-distributable Distributable The Group Share Revaluation Translation Retained Total capital reserve reserve earnings USD'000 USD'000 USD'000 USD'000 USD'000 As at 1 January 2022 73,761 2,068 (120,438) 110,190 65,581 ------------- ---------------- ---------------- ------------------ ------------ Profit for the period - - - 10,203 10,203 Other comprehensive loss - - (4,941) - (4,941) Total comprehensive (loss)/income for the period - - (4,941) 10,203 5,262 Transfer of revaluation reserve relating to property, plant and equipment through use - (137) - 137 - As at 30 June 2022 73,761 1,931 (125,379) 120,530 70,843 ============= ================ ================ ================== ============
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023 (UNAUDITED)
The Company Share Accumulated Total capital losses USD'000 USD'000 USD'000 As at 1 January 2023 73,761 (4,220) 69,541 Total comprehensive income for the period - 525 525 As at 30 June 2023 73,761 (3,695) 70,066 ============= ============== =========== As at 1 January 2022 73,761 (5,606) 68,155 Total comprehensive income for the period - 508 508 As at 30 June 2022 73,761 (5,098) 68,663 =========== ============ ===========
STEPPE CEMENT LTD
(Incorporated in Labuan FT, Malaysia under the Labuan Companies Act, 1990)
AND ITS SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2023 (UNAUDITED)
The Group The Company 6 months ended 6 months ended 30 June 30 June 30 June 30 June 2022 2023 2022 2023 USD'000 USD'000 USD'000 USD'000 OPERATING ACTIVITIES Profit before income tax 61 12,034 525 508 Adjustments for: Depreciation of property, plant and equipment 2,837 3,203 - - Depreciation of right-of-use assets 3 823 - - Other non-cash items 578 218 (1,088) (1,090) ---------------------- ------------ ------------ ------------------- Operating Profit/(Loss) Before Working Capital Changes 3,479 16,278 (563) (582) (Increase)/Decrease in: Inventories 345 (2,922) - - Trade and other receivables, advances and prepaid expenses (22) (6,444) (9) (12) Loans and advances from subsidiary companies - - (20) (24) Increase in: Trade and other payables, accrued and other liabilities 3,622 3,494 4 56 Cash Generated From/(Used In) Operations 7,424 10,406 (588) (562) Income tax paid (1,777) (1,785) - - Interest paid (483) (198) - - ---------------------- ------------ ------------ ------------------- Net Cash Generated From/(Used In) Operating Activities 5,164 8,423 (588) (562) ---------------------- ------------ ------------ ------------------- The Group The Company 6 months ended 6 months ended 30 June 30 June 30 June 30 June 2023 2022 2023 2022 USD'000 USD'000 USD'000 USD'000 INVESTING ACTIVITIES Purchase of property, plant and equipment (2,721) (2,870) - - Purchase of other assets (24) (18) - - Interest received 93 267 - 1,550 -------------- -------------- ------------ ------------ Net Cash (Used In)/Generated From Investing Activities (2,652) (2,621) - 1,550 -------------- -------------- ------------ ------------ FINANCING ACTIVITIES Proceeds from borrowings 1,703 3,346 - - Repayment from borrowings (1,980) (2,815) - - Payment of lease liabilities (363) (1,090) - - -------------- -------------- ------------ ------------ Net Cash Used In Financing Activities (640) (559) - - -------------- -------------- ------------ ------------ NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 1,872 5,243 (588) 988 EFFECTS OF FOREIGN EXCHANGE RATE CHANGES (14) (685) - - CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 4,144 10,136 1,240 614 -------------- -------------- ------------ ------------ CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 6,002 14,694 652 1,602 ============== ============== ============ ============
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END
IR SFISWUEDSEIU
(END) Dow Jones Newswires
September 19, 2023 04:00 ET (08:00 GMT)
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