Net profit of Kazakhstan's national management holding soars
BAKU, Azerbaijan, May 14
By Nargiz Sadikhova - Trend:
Assets of Kazakhstan’s Baiterek National Management Holding JSC increased by 10.5 percent in 2019, exceeding 5.2 trillion tenge ($12.3 billion), Trend reports with reference to the press office of Kazakhstan’s prime minister.
The 2019 operational results of Baiterek Holding were discussed during the board meeting chaired by Kazakhstan’s Prime Minister Askar Mamin.
As noted during the meeting, the annual consolidated net profit of the holding increased by 48.4 percent having amounted to 51.5 billion tenge ($122.3 million) compared to 34.7 billion tenge ($82.3 million) in 2018.
The meeting participants also reviewed utilization of Baiterek Holding’s funds allocated from the republican budget and the National Fund over the period from 2016 through 2020. The funds use is carried out in accordance with the plan.
Thus, 957.9 billion tenge ($2.2 billion) allocated for the specified period, taking into account the reuse of returned funds, financed county’s economy for 1.1 trillion tenge ($2.7 billion) as of April 1, 2020.
During the meeting, a report on compliance with the principles and provisions of the Holding's Corporate Governance Code for 2019 was also approved.
“The document contains the results of monitoring compliance with corporate governance principles and detailed information on measures taken to implement its provisions,” the report said.
The report on the risks of the Holding for 1Q2020 and the report of the Internal Audit Service for the same period was also approved during the meeting.
Baiterek National Managing Holding JSC is the key institution of Kazakhstan's government that meets the advanced standards of corporate governance.
The Holding ensures implementation of objectives for the sustainable development of the economy of Kazakhstan through its diversification, support for innovations, exports development, increase in labor productivity.
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