Kazakh Mangistaumunaigas ups net profit by 1.5 times in H1

Oil&Gas Materials 4 September 2014 14:30 (UTC +04:00)

Baku, Azerbaijan, Sept. 4
By Elena Kosolapova - Trend:

One of the largest Kazakh oil companies Mangistaumunaigas increased net profit by 1.5 times in the first half of 2014 compared to the first half of 2013, Novosti-Kazakhstan reported on Sept. 4 with reference to the company's consolidated financial statements under international financial reporting standards (IFRS).

Mangistaumunaigas' net profit hit 95.3 billion tenge (182 tenge = $1) in January-June 2014, compared to 63.7 billion tenge in the same period of 2013.

The company's revenue increased 19.8 percent to 367 billion tenge in the reporting period, gross profit increased 23.7 percent to 261.8 billion tenge.

Mangistaumunaigas' assets increased 29.6 percent to 421.9 billion tenge in the first half of 2014, liabilities increased 13.5 percent to 163.9 billion tenge.

The company's equity increased 42.3 percent to 258 billion tenge in January-June 2014.

Mangistaumunaigas is one of the largest oil and gas companies in Kazakhstan. The company has 36 oil and gas fields, 15 of which are under development.

The main shareholder of Mangistaumunaigas is Mangistau Investments BV, owned on a parity basis by Kazakhstan's national oil and gas company KazMunaiGas and China's CNPC.

Edited by C.N.