Revenues of Kazakh welfare fund up by more than a quarter

Baku, Azerbaijan, Aug. 4

By Leman Zeynalova - Trend:

Revenues of the Kazakh national welfare fund Samruk-Kazyna JSC increased by 27 percent in 1H2018 compared to the same period of 2017, Yernar Zhanadil, co-managing director of Samruk-Kazyna for economy and finance, said, primeminister.kz reports.

According to him, the operating profit plan was fulfilled by 78 percent and reached 428 billion tenges, which is 43.1 percent higher than in 2017.

"Oil refining increased by 13 percent, electricity production by 28 percent, railway freight turnover by 9 percent. The positive dynamics of prices for hydrocarbons played a significant role," Zhanadil said.

"The Fund reduced external debt by $900 million in 1H2018," he said, "Samruk-Energo provided early repayment of loans in the amount of almost 39 billion tenges."

The national welfare fund Samruk-Kazyna's only shareholder is the government of Kazakhstan. The fund was founded in 2008 as an investment holding whose mission is to improve the national welfare and support the modernization of the national economy.

(348.21 KZT = 1 USD on Aug. 4)

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Follow the author on Twitter: @Lyaman_Zeyn

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