Steppe Cement Ltd on Wednesday said it expects earnings in 2023 to be lower than in 2022 due to a lower pricing environment and the impact of inflation on energy and other input costs.

The Malaysia-based Kazakhstan-focused cement producer said revenue rose 8.0% to KZT14.2 billion, about £24.1 million, in the third quarter of 2023 from KZT13.07 billion a year prior.

However, in the full first nine months of the year, revenue declined 4.8% to KZT31.09 billion from KZT32.65 billion.

Steppe Cement expects 2023 earnings before interest, tax, depreciation and amortisation to be lower than 2022’s $30.9 million, which was down from $31.5 million in 2021.

Chief Executive Officer Javier del Ser Perez said: ‘Despite a slightly smaller domestic cement market so far in 2023, we remain confident that the company will continue deliver strong sales figures going forwards and look forward to providing updates in due course’.

Steppe Cement shares fell 11% to 24.60 pence each in London on Wednesday morning.

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