Business
Annual Financial Report
Annual Financial Report.
About this update from Steppe Cement Ltd
[{"type":"text","content":"\n\n19 June 2024\n \nSteppe Cement Limited\n \n(\"Steppe Cement\" or the \"Company\")\n \nFinal Results for the Year Ended 31 December 2023\n Notice of Annual General Meeting\n \nThe Board of Steppe Cement (AIM: STCM) is pleased to announce the Company's final results for the year ended 31 December 2023, which are set out below.\n \nHighlights:\n· Steppe Cement has focused on maintaining its market share, limiting cost increases and reducing capex to maintain a healthy balance sheet while interest rates remain high\n· The Company operated in a high inflationary environment which led to an increase in cost of production of USD8 million and a fall in net profit to USD4.5 million (2022: USD17.9 million)\n· The Company generated revenue of USD81.8 million (2022: 86.7 million) following increasing competition in the local market due to new capacity and inability to export to neighbouring countries\n \nThe Company's forthcoming Annual General Meeting (\"AGM\") is expected to take place at its Malaysian Office at Suite 10.1, 10th Floor, West Wing, Rohas Perkasa, 8 Jalan Perak, Kuala Lumpur Malaysia on Friday, 12 July 2024 at 4:00 p.m. (UTC+8).\n \nThe full Annual Report and the formal Notice of AGM will shortly be made available on the Company's website at www.steppecement.com.\n \n \nFor further information, please contact:\n\n\n\n\nSteppe Cement Limited\n\n\nwww.steppecement.com\n\n\n \n\n\n\n\nJavier del Ser Pérez, Chief Executive Officer\n\n\nTel: +(603) 2166 0361\n\n\n \n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n \nStrand Hanson Limited (Nominated & Financial Adviser and Broker)\n\n\n \nwww.strandhanson.co.uk\n\n\n\n\nJames Spinney / Robert Collins / Ritchie Balmer\n\n\nTel: +44 20 7409 3494\n\n\n \n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n \n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.\n\n\n \nCEO STATEMENT\n \nThe political environment stabilised in Kazakhstan in 2023 benefiting...