Mainboard-listed IInternational Cement Group Ltd. (ICG), a prominent cement producer in Central Asia, has announced a net profit of S$21.2 million for the first half of 2025, marking a significant increase from S$3.9 million in the same period last year. This surge is attributed to a 51% rise in revenue, reaching S$165.1 million, primarily driven by the company’s operations in Kazakhstan and Tajikistan.
The Korcem cement plant, which became fully operational in late 2024, has played a crucial role in meeting the rising infrastructure demands in Kazakhstan and Tajikistan. The plant’s contributions, alongside sustained demand from the Alacem cement plant, have bolstered ICG’s financial performance. In Tajikistan, improved weather conditions led to a 36% increase in sales volume from the Mohir cement plant.
ICG’s gross profit margin improved to 36%, up from 31% in the first half of 2024, supported by increased selling prices and strong demand. The company’s CEO, Zhang Zengtao, highlighted the success of their expansion strategy and operational resilience, stating, “With the Korcem plant now fully operational, we are well-positioned to meet rising infrastructure demand in Kazakhstan and Tajikistan.”
Despite higher administrative expenses due to increased staff costs and depreciation, ICG’s adjusted EBITDA rose to S$45.9 million, compared to S$23.4 million in the previous year. The company also benefited from a net positive foreign exchange movement of S$10.5 million, driven by the appreciation of the Kazakhstani Tenge.
Looking ahead, ICG is optimistic about sustained infrastructure-driven demand in Central Asia. The company is focusing on its core cement business whilst scaling down non-core aluminium operations. The Korcem plant’s strong sales momentum is expected to continue, with exports to Kyrgyzstan already underway.
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