Business
Final Results and Accounts 2020
Final Results and Accounts 2020.
About this update from Steppe Cement Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 8503A\n Steppe Cement Limited\n 07 June 2021\n \n \n \n \n 7 June 2021\n \n \n \n \n \n Steppe Cement Ltd\n \n \n CEO STATEMENT\n \n \n \n \n \n I would like to thank all of our staff in Kazakhstan that showed incredible resilience in spite of all public health challenges and limitations. Our factory continued to work almost normally and this is only thanks to our employees and their commitment to the future of the company. \n \n \n \n \n \n In 2020, Steppe Cement posted a net profit of USD11.1 million. Steppe Cement's EBITDA increased to USD 24.2 million from USD23.9 million in 2019 as higher prices in KZT, lower cost of production and the implementation of IFRS 16 were balanced by a devaluation of 8%.\n \n \n \n \n \n The overall domestic cement market increased by 6% to 9.4 million tonnes, while our sales volume decreased slightly. Our local sales decreased by 6% due to milling limitations during two months of the high season, while exports increased by 20% \n in line with the market.\n \n \n \n \n \n In 2020, our cost of production per tonne in KZT decreased \n by 3%.\n \n \n \n \n \n Steppe Cement operated both lines at 85% of their current combined capacity (which is 1.1 million tonnes for line 5 and 0.85 million tonnes for line 6). \n \n \n \n \n \n Shareholders' funds decreased to \n USD57.9 million from USD62.9 million due to currency devaluation and after dividend distribution to shareholders. The replacement cost of the Company's assets remains many times higher than their current book value.\n \n \n \n \n \n \n \n \n \n Key Financials\n \n \n \n Year ended 31-Dec-20\n \n \n Year ended 31-Dec-19\n \n \n Inc/(Dec)%\n \n \n \n \n \n Sales (tonnes of cement)\n \n \n \n \n 1,645,744\n \n \n \n \n 1,715,761\n \n \n \n \n (4%)\n \n \n \n \n \n \n Consolidated turnover (KZT million)\n \n \n \n \n 30,958\n \n \n \n \n 30,534\n \n \n \n \n 1%\n \n \n \n \n \n \n Consolidated turnover (USD million)\n \n \n \n \n 74.8\n \n \n \n \n 79.9\n \n \n \n \n (6%)\n \n \n \n \n \n \n Consolidated profit before tax (USD million)\n \n \n \n \n 13.1\n \n \n \n \n 12.5\n \n \n \n \n 5%\n \n \n \n \n \n \n Consolidated profit after tax (USD million)\n \n \n \n \n 11.1\n \n \n \n \n 9.7\n \n \n \n \n 14%\n...