Kazakh Sovereign Wealth Fund’ group of companies exceeds net income target by 20 percent

Photo: Kazakh Sovereign Wealth Fund’ group of companies exceeds net income target by 20 percent / Kazakhstan

Azerbaijan, Baku, Oct. 22 / Trend E. Kosolapova/

A group of the companies of Kazakh Sovereign Wealth Fund Samruk-Kazyna exceeded a net income target by 20 percent in the first nine months of 2012, Samruk-Kazyna's Chairman of the Board Umirzak Shukeyev told Kazakhsatanskaya pravda newspaper.

"In the first 9 months of this year, the total net income of Samruk-Kazyna's group of companies, excluding the banks amounted to 727 billion tenge, which is 20 percent more than the target," Shukeyev said.

According to Shukeyev, this figure is a very good index.

"It means that the main companies of the group are steadily growing," Samruk-Kazyna's head said.

According to Shukeyev, income growth tendency is observed not only in mining companies where cost factor exists, but in infrastructure companies too.

For instance, Kazakhstan Temir Zholy (Kazakh Railways) increased net income by 116 percent and Kazakh Electricity Grid Operating Company (KEGOC) - by 124 percent, Shukeyev said.

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