Annual Reports

2025 was a breakthrough year for International Cement Group (“ICG”), underscored by strong financial results and continued expansion across Central Asia. Revenue from continuing operations rose 47% to S$378.8 million, while net profit surged more than 29-fold to S$75.2 million. This performance was driven by robust demand in Kazakhstan and Tajikistan, improved margins, and favourable foreign exchange gains. Net cash from operating activities grew by 62% to S$104.6 million, reinforcing the Group’s ability to reinvest in growth and deliver sustainable value, while supporting ongoing efforts to reduce borrowings and strengthening the balance sheet.

A key driver of this momentum was the first full year of operations at the Korcem cement plant, which added 1.5 million tonnes of annual capacity and firmly positioned ICG as the largest dry-process cement producer in Kazakhstan.