International Cement Group Ltd. (ICG) posted net profit after tax of S$36.8 million for the six months ended Jun 30, up 73% year-on-year, as firmer selling prices and higher sales volumes in Kazakhstan and Tajikistan lifted the bottom line.
Revenue climbed 34% YoY to S$219.3 million, while earnings per share rose to 0.46 Singapore cent from 0.26 cent a year earlier. The company did not declare an interim dividend.
Gross profit expanded 49% to S$88.5 million, pushing the gross margin to 40% from 36% a year ago. EBITDA improved 48% to S$69.4 million, and profit before tax advanced 63% to S$53.5 million. Operations in Kazakhstan and Tajikistan remained the main contributors, with the newly commissioned Korcem plant in Kyrgyzstan accounting for 16.1% of the revenue increase.
Higher selling prices and sustained construction activity across Central Asia underpinned performance, but administrative expenses grew to S$28.5 million on increased staff and tax-related costs. The group also benefited from a S$6.7 million net foreign-exchange gain, helped by a stronger Kazakhstani tenge.
Looking ahead, management noted that robust infrastructure and housing investment should support regional cement demand, although new capacity additions in Kazakhstan and Tajikistan may intensify competition and weigh on utilisation rates and pricing.
ICG plans to deepen its market share in Kazakhstan and Tajikistan, scale its gypsum business and maintain strict cost discipline. It is proceeding with the divestment of its discontinued aluminium business to focus resources on core building-materials operations. The group will also continue ramping up output at the 1.5 million-tonne Korcem plant and pursue distributor partnerships and sales incentives to defend market share amid rising regional supply.
Chief executive Zhang Zengtao said the stronger first-half showing reflected sustained urbanisation, state-led infrastructure projects and supportive investment policies in Central Asia. He added that the company is “well positioned” to capture new growth opportunities while striving to deliver long-term shareholder value through disciplined capital management and operational efficiencies.