BAKU, Azerbaijan, August 26
By Nargiz Sadikhova - Trend:
Revenue of Kazakhstan’s KazMunayGas National Company amounted to 3.1 trillion tenge ($7.3 billion) in the first half of 2021, up by 38.5 percent vs. the same period of 2020, Trend reports citing the company.
The positive impact on revenue dynamics was mainly attributable to an increase in average Dated Brent oil price by 62.2 percent year-on-year, weakening of the average exchange rate of tenge vs. the US dollar by 4.8 percent and increase in trading volumes of oil and oil products at KMG International N.V (KMGI). Revenue growth was restrained by the production restrictions at certain fields under the OPEC+ agreement and a decrease in the revenue of KazTransGas JSC (KTG) due to a decrease in the gas sale volumes for export, as well as the average price of gas sales.
Share in the profit of joint ventures and associates increased from 224 billion tenge ($554 million) in the first half of 2020 to 481 billion tenge ($1.1 billion) in the first half of 2021.
The following companies mainly supported the growth of a share in the profit: Tengizchevroil LLP (TCO) with 199 billion tenge ($469 million), Asian Gas Pipeline LLP (AGP) with 121 billion tenge ($285 million), KMG Kashagan B.V. with 31 billion tenge ($73 million), Mangistau Investment B.V. (MMG) with 27 billion tenge ($63 million) and Beineu-Shymkent Gas Pipeline LLP (BSGP) with 36 billion tenge ($85 million) of net profit.
According to the results of the first half of 2021, the accounting net loss was at Ural Group Limited (UGL) in the amount of 5 billion tenge ($12 million), and Teniz Service LLP in the amount of 3 billion tenge ($7 million).
EBITDA in the first half of 2021 was 1.06 trillion tenge ($2.5 billion), demonstrating growth compared to 552 billion tenge ($1.3 billion) in the first half of 2020 due to an increase of segmented EBITDA in Exploration and production of oil and gas, Gas trading and transportation, Refining and trading of crude oil and refined products, and Corporate centre.
Adjusted EBITDA, reflecting dividends received from joint ventures and associates, and not including share in the profit of joint ventures and associates in the first half of 2021 amounted to 704 billion tenge ($1.6 billion), showing an increase of 104.7 percent year-on-year.
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