National Welfare Fund of Kazakhstan announces amount of revenues for 2012
Kazakhstan, Astana, 7 Feb. / Trend D. Mukhtarov /
Kazakhstan's National Welfare Fund Samruk-Kazyna received total net income for 2012, excluding commercial banks, in the amount of 850 billion tenge (150.52 tenge = $ 1), which is 11 percent higher than the projected value, according to the chairman of the board of the Fund, Umirzak Shukeyev.
Consolidated net income of the fund (purified from intercompany sales), excluding commercial banks, is estimated at 697 billion tenge, which exceeded the target by 14 percent and index of 2011, by 11 percent.
It should be noted that during the year, the price and volume of export sales of uranium and oil production decreased, and the company incurred additional costs for the creation of the two new entities following the events in Zhanaozen.
In 2012, the first time in years, the fund's operating profitability (EBITDA Margin) showed an increase rather than decrease - from 17.8 percent in 2011 to 18 percent in 2012.
Consolidated net assets (equity) of the fund, excluding commercial banks, are estimated at $ 6.1 trillion tenge, which is eight percent higher than a year ago.
Substantially all of the major subsidiaries achieved over-fulfillment of the plan and increase over the previous year on the majority of operating and financial performance.