Steppe Cement has posted solid financial results following a “significant” rise in demand for its product and after increasing clinker production.
Cement use went up by more than 20 per cent last year, largely supported by “residential construction, infrastructure and ongoing urbanisation”, with Steppe acquiring 14.4 per cent of its market share.
For the year ended 31 December 2025, Steppe amassed total revenues of $101.5 million (FY2025: $84.92 million), equivalent to £74.4 million, similarly up 20 per cent year-on-year.
This was bolstered by an operating profit of $5.7 million (£4.2 million) and an EBITDA of $11.8 million (£8.77 million), an improved sum from $1.28 million and $7.5 million in 2024.
Steppe also saw an increase in its cash position to $11.43 million (£8.46 million) from $6 million the previous year.
Additionally, the company’s clinker production grew to 1.63 tonnes for the period, from 1.47 tonnes the year prior after management made a series of improvements.
Bosses then accelerated its growth, with plans to increase production from 2-2.5 million tonnes backed by a budget of $30 million.
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In a statement to shareholders, executive chairman Javier del Ser said: “The year ended 31 December 2025 was characterised by a strong recovery in construction activity in Kazakhstan.
“According to official statistics, the total volume of construction work increased by 15.9 per cent year-on-year to KZT 10.7 trillion or 6 per cent of GDP.
“This expansion was driven mostly by residential construction (estimated at 65 per cent) where 20 million sqm of housing were commissioned, followed by infrastructure (construction of roads, railways and related projects) and by non-residential buildings.”
Del Ser recently stepped back from his chief executive position after 27 years and was succeeded by Petr Durnev.
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