Kazakh oil and gas company increases net income by 256.4 percent
Azerbaijan, Baku, March 15 / Trend E. Kosolapova/
The Kazakh oil and gas exploration and production enterprise Zhaikmunai LP increased the net income by 256.4 percent, Zhaikmunai reported on Thursday.
The company's net income made up $22.9 million in 2010 and hit $81.6million in 2011.
Zhaikmunai's EBITDA doubled and hit $197.4 million, the company's revenue increased by 68.9 percent to $300.8 in 2011.
The company's average daily production increased by 69.7 percent to 13,158 boe in this period. Total production increased by 69.7 percent to 4,802,561 boe in 2011.
"Zhaikmunai's strong financial results underscore the company's change in scale. With the coming on-line of its Gas Treatment Facility (GTF) in 2011, Zhaikmunai has initiated its leapfrog transformation with a record revenue of $300.8 million and EBITDA of $197.4 million. This will in fact be continued in 2012 with the anticipated full GTF production levels and the associated revenue and EBITDA multiplier effect," the company quoted Chairman of Zhaikmunai Frank Monstrey as saying.
Zhaikmunai is an independent oil and gas enterprise currently engaging in the exploration and development and production of oil and gas. It is listed on the London Stock Exchange (Ticker symbol: ZKM). Its principal producing asset is the Chinarevskoye Field located in north-western Kazakhstan.