Kazakh Baiterek holding reduces capex by a quarter for 2015

Baku, Azerbaijan, Feb.20

By Elena Kosolapova - Trend:

The assets of Kazakhstan's Baiterek National Management Holding increased by 27 percent and stood at 2.37 trillion Kazakhstani tenge (185.05 tenge = $1) as of 2014, according to a message from Baiterek holding.

"The holding's revenues increased by 13 percent and totaled 170 billion tenge as of 2014," said the message. "Its net profit is expected to hit 30.8 billion tenge, according to the preliminary estimations."

Baiterek holding issued 509 billion tenge worth loans in 2014 and thereby increased its total credit portfolio by 60 percent. Home loans accounted for 97.8 billion tenge of this amount (60 percent more than in 2013).

The houses commissioned by Baiterek in 2014 covered an area of 429,300 square meters in total and over 7,000 families were provided with housing.

Moreover, 22,600 jobs were created as a result of activities of the holding and its group of companies in 2014, according to the message.

The Baiterek holding implemented 305 new projects worth a total of 75 billion tenge by using the funds allocated from Kazakhstan's National Fund. The holding also financially supported 3,300 small and medium-sized enterprises (182.3 billion tenge) resulting in creation of 12,400 jobs.

The direct investments made by Baiterek holding in Kazakhstan's economy in 2014 totaled 40 billion tenge which is 74 percent (17 billion tenge) more than in 2013.

The expenditures of the Baiterek holding for 2015 were optimized in accordance with the order of Kazakh president, said the message. The holding's capital expenditures were reduced by 25 percent, while its general and administrative expenditures were decreased by 9.8 percent.

Baiterek National Management Holding was established in accordance with a decree of the Kazakh president dated May 22, 2013. The purpose for establishing the holding was to promote the development and diversification of the economy, attract investments and to improve the corporate governance system in its subsidiaries.

The holding includes: Development Bank of Kazakhstan JSC, Investment Fund of Kazakhstan JSC, Housing Construction Savings Bank of Kazakhstan JSC, Mortgage Organization "Kazakhstan Mortgage Company JSC, Export Credit Insurance Corporation KazExportGarant, Damu Entrepreneurship Development Fund, National Agency for Technological Development JSC, Kazakhstan Mortgage Loans Guaranteeing Fund JSC, Kazyna Capital Management JSC, Kazyna Capital Management JSC, Public-Private Partnership Projects Support Center" LLP.

Edited by SI

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Follow the author on Twitter: @E_Kosolapova

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