BAKU, Azerbaijan, November 25
By Nargiz Sadikhova - Trend:
Revenue of Kazakhstan’s KazMunayGas (KMG) National Company amounted to 4.7 trillion tenge ($11.2 billion) in the nine months of 2021, up by 43.7 percent compared to 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 65.4 percent year-on-year, weakening of the average exchange rate of tenge vs. the US dollar by 3.8 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 due to a decrease in the gas and oil products sale volumes.
The company’s net profit increased from 136 billion tenge ($333 million) in the nine months of 2020 to 942 billion ($2.21 billion) in the nine months of 2021 due to an increase in average oil price, increase in revenues and share in the profit of joint ventures and associates, as well as absent of significant impairment of property, plant and equipment.
Net profit for the period attributable to shareholders of the Parent Company amounted to 947 billion tenge ($2.23 billion).
EBITDA in the nine months of 2021 was 1.5 trillion tenge ($3.7 billion), demonstrating growth compared to 851 billion tenge ($2.08 billion) in the nine months 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 center.
Adjusted EBITDA, reflecting dividends received from joint ventures and associates, and not including share in the profit of joint ventures and associates in the nine months of 2021 amounted to 986 billion tenge ($2.32 billion), showing an increase of 70.6 percent year-on-year.
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