International Cement Group has reported earnings of $14.9 million for the 1HFY2025 ended June 30, a significant surge from the $933,000 earnings reported in the same period a year ago.
The group’s revenue grew 51% y-o-y to $165.1 million, and gross profit grew 74% y-o-y to $59.3 million.
This surge in revenue was driven by higher sales from its Kazakhstan operations, supported by contributions from the new Korcem cement plant, which has been in operation for six months, and sustained demand for Alacem cement plant.
In Tajikistan, sales volume from the Mohir cement plant rose by 36% y-o-y due to improved weather conditions.
For the 1HFY2025, gross profit margin improved to 36%, driven by increased selling prices and strong demand for both cement plants in Kazakhstan. The group says that this robust market appetite was underpinned by rising Chinese infrastructure investment and close collaboration between cement producers and the government of Kazakhstan on national development projects.
Administrative expenses rose $3.1 million, while selling and distribution expenses increased $200,000 following higher sales volumes.
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The group recorded a net positive foreign exchange movement of $10.5 million, driven by the slight appreciation of the Kazakhstani Tenge against the US Dollar and Chinese Yuan.
The group reported a net cash generated from operating activities of $40.1 million for 1HFY2025, and cash and cash equivalents as at end June stood at $9.9 million, mainly due to operating cash flows and an additional $2.5 million secured revolving credit facility.
Shares in International Cement Group closed flat at 2.1 cents on Aug 12.
