BAKU, Azerbaijan, Jul. 30
By Nargiz Sadikhova – Trend:
Net revenue of Kazakhstan's Samruk Kazyna Sovereign Wealth Fund amounted to nearly 212 billion tenge ($509.01 million) in 1H2020 whereas net losses of 150 billion tenge ($360.1 million) were forecast, Trend reports with reference to Samruk Kazyna.
The operating profit of the Fund and its group of companies amounted to 215 billion tenge ($516.2 million) in 1H2020, which is 79 billion tenge ($189.6 million) more than the planned volume. The consolidated net profit of the Samruk-Kazyna group of companies is forecast to be 421 billion tenge ($1.01 billion) in 2020.
"The Fund will also allocate 120 billion tenge ($288.1 million) to pay dividends to the government as of the 2019 revenues. The remaining funds will be used to finance social facilities in Turkestan and Nur-Sultan cities in accordance with the government’s instructions," the report said.
The report also said that due to the current market situation, the Fund revised its approach to managing the financial resources and reduced expenditures.
"Taking into account significant changes in the external environment Samruk Kazyna reduced expenses by 429 billion tenge ($1.03 billion) in accordance with its updated Development Plan. Samruk Kazyna companies took measures to optimize their expenses, with minimizing damage to production and their strategic goals," the company said.
Sovereign Wealth Fund Samruk-Kazyna Joint Stock Company is the Fund, where the sole shareholder is the Government of Kazakhstan.
Samruk-Kazyna JSC Group includes enterprises operating in a number of industries – oil, transport and logistics, chemical and nuclear, mining and smelting,energy, mechanical engineering and real estate.
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