BAKU, Azerbaijan, June 3. Kazakhstan's leading oil and gas company, KazMunayGas (KMG), recorded a net profit of 201 billion tenge ($446 million) in 1Q2024, Trend reports.
According to the company's latest financial statement, this marked a significant surge year-on-year from 96 billion tenge ($210 million).
Moreover, KMG reported a notable improvement in its free cash flow, a crucial indicator of financial health. The company's free cash flow amounted to 144 billion tenge ($320 million) in 1Q2024, compared to a deficit of minus 53 billion tenge (minus $116 million) in the same period last year.
On the debt front, KMG disclosed its total debt as of March 31, 2024, standing at 3.971 trillion tenge ($8.889 billion), reflecting a modest increase from the figure reported at the end of December 2023, which was 3.757 trillion tenge ($8.265 billion).
Furthermore, the company's net debt as of March 31, 2024, amounted to 1,748 trillion tenge ($3.912 billion), compared to 1.645 trillion tenge ($3.620 billion) at the end of December 2023.
Meanwhile, the volume of sales of KazMunayGas' own-produced oil and gas condensate in 1Q2024 amounted to 6.124 million tons. This marked an increase of 3.2 percent compared to the same period last year.