Income increase of Kazakh Samruk-Kazyna reaches nearly 80%

Business Materials 26 July 2019 12:08 (UTC +04:00)

Baku, Azerbaijan, July 26

By Nargiz Sadikhova - Trend:

The net income of Samruk-Kazyna Sovereign Wealth Fund of Kazakhstan has increased by 128 billion tenge or 78 percent in 1Q2019 as compared to year earlier and amounted to 291 billion tenge per stockholder’s equity, Trend reports with reference to press office of the fund.

“At the same time, revenues from sales have amounted to 2.533 trillion which is 20 percent higher than during the same period of the last year. Operating profit for three months of this year has made 276 billion tenge which exceeds 1Q2018 by 47 billion tenge or 20.5 percent,” the report said.

“The key factors of the net income growth are increase in the volume and sales price of crude oil and gas export, growth of revenues from telecommunications services and refined gold as well as the share of revenues from associates and joint ventures of KazMunayGas group,” the statement said.

Furthermore, the net income results for 1Q2018 include non-monetary income of 312 billion tnege, mainly by companies acquired by Kazatomprom. This inflow amount follows from revaluation of acquired companies when joining the group in accordance with the International Financial Reporting Standards (IFRS) requirements and is a one-time non-monetary factor of non-operating activities that should not be taken into account when compared with the current year indicator. Thus, the Fund’s net income for 1Q2018 amounted to 163 billion tenge.

(1 USD = 385.14 KZT on July 26)


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