Kazakh oil company doubles net profit in 1H 2016

Baku, Azerbaijan, Aug. 26

By Elena Kosolapova - Trend:

Kazakh Mangistaumunaigas oil company received 51.37 billion tenge worth of net profits in 1H2016 compared to 24.4 billion tenge in the same period of 2015 (339.5 tenges = $1), according to the company’s financial statement on the website of Kazakhstan Stock Exchange (KASE).

The company’s operating profit increased from 23.98 billion tenge in 1H2015 to 44.45 billion tenge in 1H2016.

The company’s assets rose from 378.78 billion tenge at the beginning of 2016 to 429.62 billion tenge at the end of June.

Mangistaumunaigas’ equity rose from 298.6 billion tenge to 348.03 billion tenge in this period. The company’s liabilities rose from 80.19 billion tenge to 81.59 billion tenge in 1H 2016.

About eight percent of Kazakhstan's oil and gas production is accounted for Mangistaumunaigas. The company develops 15 oil and gas fields with 1.125 billion tons of initial reserves.

Kalamkas and Zhetybai deposits are the company's major industrial facilities.

Eited by SI

Follow the author on Twitter:@E_Kosolapova

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