Kazakh oil company sees sharp increase in profit
Baku, Azerbaijan, Nov. 21
By Elena Kosolapova - Trend:
Kazakh Mangistaumunaigas oil company doubled net profit in January-September 2016, according to the company’s financial statement published on the website of Kazakhstan Stock Exchange (KASE).
The company received net profit in the amount 81.18 billion tenge (341.07 tenge = $1) in the reporting period compared to 41.03 billion tenge in the same period of 2015.
The company’s operating profit increased from 30.9 billion tenge in January-September 2015 to 106.9 billion tenge in the same period of 2016.
The company’s assets rose from 378.78 billion tenge at the beginning of 2016 to 467.3 billion tenge at the end of September.
Mangistaumunaigas’ capital rose from 298.6 billion tenge to 327.85 billion tenge in this period. The company’s liabilities rose from 80.19 billion tenge to 139.45 billion tenge in in January- September 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.
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