Kazakh Samruk-Energy significantly ups net profit in 2011

Oil&Gas Materials 2 April 2012 15:46 (UTC +04:00)

Azerbaijan, Baku, April 2 / Trend E. Kosolapova/

Kazakh company Samruk-Energy increased its net profit by 37 percent up to $14.927 billion tenge ($101 million) in 2011 compared to 2010, Novosti-Kazakhstan reported referring to the company's consolidated financial statement in accordance with IFRS.

"Profit increase resulted from the electricity production growth, coal sale increase in Kazakhstan, and increase in coal sale prices to Russia," the company said.

Samruk-Energy's revenue amounted to 87.795 billion tenge ($594 million) in 2011 (8 percent increase compared to 2010).

The company's assets grew by 32 percent - up to 322.3 billion tenge (tenge rate amounted to 147,77 tenge / $1 on April 2), liabilities increased by 14 percent - up to 150.50 billion tenge, equity - by 53 percent - up to 171.82 billion tenge.

The company's electricity production hit 13.397 billion kWh in the reporting period. The increase in production resulted from increased consumption of electricity in Kazakhstan in 2011. Thermal energy production hit 7.703 million GCal.

Samruk-Energy is Kazakh state holding developing and realizing the long-term state policy on modernization of existing and input of new generating capacities. Its main shareholder is Kazakh National Welfare Fund Samruk Kazyna.