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Net revenue of Kazakhstan's KazMunayGas plummets in 1Q2020

Oil&Gas Materials 3 June 2020 14:17 (UTC +04:00)
Net revenue of Kazakhstan's KazMunayGas plummets in 1Q2020

BAKU, Azerbaijan, Jun. 3

By Nargiz Sadikhova - Trend:

Revenue of Kazakhstan’s KazMunayGas National Company amounted to 1.3 billion tenge ($3.4 million) in 1Q2020 compared to 1.7 billion tenge ($4.3 million) in 1Q2019, which indicates a 22 percent decrease year-on-year, Trend reports with reference to the financial results report of KazMunayGas (KMG).

The KMG’s net share in profit of joint ventures and associates equaled 65 billion tenge ($161.5 million) in 1Q2020, which is 70.2 percent less than in 1Q2020 (219 billion tenge or $544.2 million).

In turn, company’s net profit amounted to 70 billion tenge as a result of 1Q2020 ($173.9 million), which also is 77.5 percent down compared to 309 billion tenge in 1Q2019 ($767.9 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) of the KMG amounted to 275 billion tenge ($683.4 million) in 1Q2020 which compared to 488 billion tenge ($1.2 billion) in 1Q2019 is 43.7 percent less year-on-year.

Company’s free cash flow (FCF) stood at 26 billion tenge ($64.6 million) in 1Q2020, which compared to negative 46 billion tenge ($114.3 million) in 1Q2019 is 156 percent more year-on-year.

Company’s net debt as of 1Q2020 amounted to 2.7 trillion tenge ($6.8 billion) which is 17.3 percent more than in 1Q2019 (2.3 trillion tenge or $5.8 billion).

In turn, oil and gas condensate production of KMG was stable year-on-year and amounted to 5.9 million tons in 1Q2020. Oil and gas transportation segment was relatively stable at 18.5 million tons of oil and 28.3 billion cubic meters of gas transported.

Refining volumes at KMG’s Kazakh and Romanian refineries decreased by 4.9 percent year-on-year to 4.6 million tons.

KazMunayGas National Company (KMG) is the Kazakhstan operator for exploration, production, refining and transportation of hydrocarbons, representing the state interests in the oil and gas industry of Kazakhstan.

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Follow the author on twitter: @nargiz_sadikh

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