Steppe Cement reported higher cement sales and turnover, and a return to profit, for the six months ended 30 June 2026. The unaudited results, published on 9 September, also set out full-year sales guidance and progress on a capacity expansion. A dividend notice appeared on the company’s announcements index on 7 October, but its terms are not established by the notice available here.
What Steppe Cement reported for the first half of 2026
Steppe Cement’s unaudited interim results compare the six months ended 30 June 2026 with the same period in 2025. Sales increased 15% to 978,950 tonnes. Turnover rose to KZT29,588 million from KZT20,717 million; in the company’s US-dollar reporting, turnover was approximately USD61.1 million versus USD40.9 million, a 49% increase.
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Profit after tax was USD9.0 million, compared with a USD0.5 million loss a year earlier. Gross margin rose to 34% from 21%. The company attributed the margin improvement to higher selling prices and better operating performance on larger production volumes. It also said transport and electricity costs continued to increase faster than inflation, offsetting some of the improvement. These are interim figures, not full-year results. Steppe Cement’s unaudited interim results.
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How much came from operating growth—and how much from currency?
Both the reported sales price and the exchange rate help explain the larger turnover figure. The average delivered cement price increased to KZT30,224 per tonne from KZT24,361. The company also said the tenge appreciated against the US dollar, affecting the dollar value of its results. Its reported June rate was KZT486 per USD, compared with KZT520 a year earlier.
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That distinction matters: the 15% increase in tonnes and the higher KZT price describe growth in the company’s operating market, while the US-dollar comparison also reflects currency translation. The reported 49% rise in USD turnover should not be read as a volume increase of that size. The interim announcement presents the company’s figures and explanation.
What management expects for the rest of 2026
Management expects full-year sales of approximately 1.95–2.0 million tonnes, below the approximately 2.07 million tonnes Steppe Cement reported for 2025. It said the lower forecast primarily reflects reduced clinker inventory carried into 2026. Management expects Kazakhstan’s cement market to remain broadly in line with 2025.
For the first half of 2026, the company described the domestic market as broadly flat year on year and estimated its market share at approximately 15%, around two percentage points higher than in the comparable period. These market descriptions and the full-year sales range are company statements and expectations, not independently verified market measurements here.
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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →For context, Steppe Cement’s 2025 final results reported Kazakhstan cement consumption of more than 14 million tonnes, company sales of approximately 2.07 million tonnes, a 14.4% market share and USD101.5 million in revenue. Those are company-reported 2025 figures, not a separate market forecast. Steppe Cement’s 2025 final results.
Expansion: project scope, progress and timing
The company said expansion contracts had been signed. By the September interim report, major demolition and foundation work was nearing completion, structural work had started in most project areas, and more than 250 workers were on site. Steppe Cement reported USD2 million in advance payments during the first half.
Commissioning is planned for summer 2027, following a three-month shutdown of Line 6. The stated target is approximately 2.5 million tonnes of annual cement production capacity. This is a planned timetable and capacity target; the interim announcement does not establish that commissioning or the resulting capacity has been achieved.
The company has described the project with two different cost figures and scopes. Its May 2026 final-results announcement called it a USD30 million expansion to increase clinker production capacity from 3,000 to 4,500 tonnes per day and support cement capacity of approximately 2.5 million tonnes annually. The September 2026 interim report described a USD35 million capacity-expansion project that includes ecological improvements. It also discussed up to USD10 million in best-available-technology investment over 2025–2035, with projected ecological-tax savings. These are distinct company descriptions; the figures should not be treated as interchangeable project costs. May 2026 final results and September 2026 interim results.
What is known about the dividend—and what the October notice establishes
The 9 September interim report said the Board had resolved to pay an interim dividend of 2 pence per ordinary share during October 2026. The company’s RNS announcements index subsequently listed a “Declaration of Interim Dividend” dated 7 October. The listed title and date establish that a notice was posted, but its terms are not available here, so it is not possible to say whether it confirms or changes the September timetable or sets other payment details. Check the linked notice for current terms before relying on a payment or record date. Steppe Cement RNS announcements.
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How to read the news as an investor
The interim report shows stronger first-half performance: sales volumes and delivered prices were higher, gross margin improved, and the group returned to interim profit. But the figures cover only six months, include a currency-translation effect in their US-dollar comparison, and sit alongside management guidance for lower full-year sales than in 2025.
The expansion adds a longer-term capacity plan, with commissioning targeted for summer 2027 and a planned Line 6 shutdown. Progress depends on execution and the stated schedule is not a completed outcome. The dividend item also needs the terms of the 7 October notice to establish its current details. These disclosures describe operating results, management expectations and plans; they do not, by themselves, establish future performance or investment returns.
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