International Cement Group Ltd. (ICG) reported a net profit of 75.2 million Singapore dollars for the year ended 31 December 2025, a sharp turnaround from S$2.5 million a year earlier, as higher selling prices, increased sales volumes and favourable foreign-currency movements lifted earnings.
Revenue rose 47 per cent year-on-year (YoY) to S$378.8 million. Basic and diluted earnings per share jumped to 1.046 Singapore cents from 0.002 cent in FY2024. The company did not declare any dividends.
Group profit before tax climbed to S$96.7 million from S$19.9 million, while adjusted EBITDA increased 78 per cent YoY to S$122.3 million. Gross profit margin improved to 39 per cent from 36 per cent, benefiting from firmer pricing and robust demand in Kazakhstan and Tajikistan. Segmental pre-tax figures were not disclosed, but management highlighted that Kazakhstan operations were the main contributor, supported by the first full-year contribution from the Korcem plant and higher volumes at Alacem and Sharcem.
Expenses were mixed. Administrative costs expanded by S$5.9 million, reflecting increased taxes in Tajikistan and the full-year running costs of the new Korcem facility. Selling and distribution expenses were broadly unchanged despite higher volumes, underscoring ongoing efficiency efforts. Other expenses fell by S$22.7 million owing to the absence of last year’s foreign-exchange loss; instead, the group booked an S$11.1 million FX gain on a stronger Kazakhstani tenge against the US dollar and Chinese yuan.
ICG ended the year with S$12.3 million in cash and cash equivalents, up from S$5.7 million a year earlier, as net cash from operating activities increased to S$104.6 million. Net asset value per share rose 29 per cent to 5.33 Singapore cents.
During the year the group commissioned the 1.5-million-tonne-a-year Korcem plant in Kazakhstan, bringing total capacity there to 3.7 million tonnes, and began exporting to Kyrgyzstan in July 2025. Management said the enlarged footprint positions ICG to capitalise on infrastructure-led demand in Central Asia. In Tajikistan, the group is focusing on defending and expanding market share through closer distributor engagement and targeted incentive schemes.
Chief executive officer Zhang Zengtao said the FY2025 results reflected the successful execution of ICG’s capacity-expansion strategy and disciplined operations. He noted that government infrastructure policies and rising Chinese investment in Kazakhstan had bolstered cement demand, while the company’s emphasis on cost control supported margins. Looking ahead, Zhang indicated that ICG would maintain capital discipline and operational agility as it seeks further growth opportunities in Kazakhstan, Tajikistan and neighbouring markets.