Baku, Azerbaijan, Apr. 8
By Rashid Shirinov – Trend:
After a sharp increase in profits in 2017 Q4 to 913.8 billion tenge, in 2018 Q4 Kazakhstan's national companies sharply reduced it to 14.9 billion tenge (98.4 percent down year-on-year), Trend reports via Finprom.kz.
Nevertheless, the amount of products and services rendered is growing. In 2018 Q4, they amounted to 402.4 billion tenge, which is 11.3 percent more than a year earlier. At the same time, revenues from sales increased by almost 39.4 percent to 501.8 billion tenge.
The main reason for the decline of national companies' profits before taxation is the simultaneous reduction of income and increase in expenses. The total income in Q4 of 2018 amounted to 835.6 billion tenge, down by almost 41.7 percent or 598.7 billion tenge.
In addition, national companies could not reduce expenses for the quarter. The costs amounted to 820.7 billion tenge, which is 57.7 percent more than in 2017 Q4.
It should be noted that to reduce the share of state participation in the national economy, the second wave of privatization was launched in Kazakhstan in accordance with the Comprehensive Privatization Plan for 2016-2020. The number of the sold enterprises is currently 490. Of these, 97 enterprises were sold last year, and 21 – in 2019.
(379.84 KZT = 1 USD on Apr. 8)
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