International Cement Group (KUO) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 34% YoY to $219.3m; total profit increased 73% to $36.8m, including a $1.6m loss from discontinued operations.

• Stronger selling prices, demand and volumes across Kazakhstan, Tajikistan and Kyrgyzstan lifted gross margin to 40% from 36%.

Financial highlights

• Revenue was $219.3m versus $163.7m; gross profit rose to $88.5m from $59.6m, with gross margin at 40%.

• Profit before tax increased to $53.5m from $32.7m; continuing-operations profit was $38.3m versus $22.4m, and net profit attributable to shareholders rose 78% to $26.4m.

• EBITDA rose 48% to $69.4m, with margin at 32% versus 29%; results from operating activities were $59.6m versus $37.9m.

• Net FX gain was $6.7m, mainly from KZT appreciation against USD and CNY; cash flow statements included a $7.4m unrealised FX gain.

• Net cash from operating activities rose to $78.9m from $40.1m; cash and cash equivalents reached $48.6m at June-end, versus $12.3m at December-end.

Outlook and guidance

• Cement operations typically generate higher revenue and results in H2; wet and winter conditions mainly affect sales from November to March.

• Priorities include defending market share, strengthening distributor relationships, differentiating products, controlling costs and expanding regional exports amid rising Tajikistan competition.

• Planned defensive investments target plant efficiency, profitability, market reach and cost control, funded by internal resources, financial institutions and deferred EPC payments.