Kazakh oil and gas company increases net profit by 34 percent in first quarter of 2012

Oil&Gas Materials 8 May 2012 13:08 (UTC +04:00)

Azerbaijan, Baku, May 8 / Trend E. Kosolapova/

Kazakh oil company MangistauMunaiGas increased net profit by 34 percent in the first quarter of 2012 compared to the same period of 2011, Novosti-Kazakhstan reported referring to the company's consolidated financial statements under International Financial Reporting Standards (IFRS).

MangistauMunaiGas got 42.9 billion tenge (147.85 tenge = $1) net profit in the reporting period compared to 32.1 billion tenge in the same period of 2011.

The company's revenue increased by 22 percent to 160.4 billion tenge, gross profit - by 29 percent to 117.9 billion tenge in January - March 2012.

The company's assets grew by 21 percent to 386 billion tenge in the reporting period, equity increased by 19 percent to 271.7 billion tenge.
MangistauMunaiGas is one of the largest oil and gas companies in Kazakhstan. The company has 36 oil and gas fields, 15 of them are under development. The largest company's fields are Kalamkas and Zhetybai.

Mangistau Investments BV holds 99 percent of MangistauMunaiGas' shares. Mangistau Investments BV is owned by Kazakh National Oil and Gas Company KazMunaiGas and CNPC on equal footing.