BAKU, Azerbaijan, Jul. 31
By Nargiz Sadikhova – Trend:
Accounts receivable of Kazakhstan’s Samruk Kazyna Sovereign Wealth Fund amounted to 661 billion tenge ($1.5 billion) as of the end of June 2020, having decreased by 60 billion tenge ($144.06 million) since the beginning of the year, Trend reports with reference to the fund.
The fund said that positive financial indicators are due to the increase in average oil price, strengthening of tenge against US dollar, as well as are the results of fund’s group of companies' activities.
In particular, Kazakhstan Temir Zholy (Kazakhstan Railways) has increased its operating profit due to the growth of transit cargo turnover by 24 percent, Samruk-Energy has increased the volume of heat production by 2 percent, production and sale of coal by 2 percent and 3 percent respectively.
Kazakhstan Electricity Grid Operating Company (KEGOC) ensured a 6 percent increase in electricity capacity readiness to bear the load. Kazakhtelecom JSC exceeded the planned revenues for fixed and mobile services.
The report also said that despite the deteriorating macroeconomic situation in 1H2020, the Fund's total debt only increased by 3.9 percent, while the group's external debt decreased compared to the beginning of the year.
The fund also said that the increase in the total debt from 8.8 trillion tenge ($21.1 billion) to 9.2 trillion tenge ($22 billion) may be associated with somewhat weakening of tenge.
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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