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Kazakhstan's Sovereign Wealth Fund's income exceeds forecast

Finance Materials 21 October 2019 13:17 (UTC +04:00)

Baku, Azerbaijan, Oct.21

By Nargiz Sadikhova - Trend:

Based on results of the first nine months of 2019, group of companies of Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund have exceeded the planned financial indicators, Trend reports with reference to the press office of Samruk-Kazyna.

According to the information, sales revenue growth of the companies amounted to 12.7 percent compared to the same period of last year.

Meanwhile, operational revenue increased by 9.6 percent during the reporting period compared to the same period of last year. Net income of the companies increased by 39.5 percent during the reporting period and equaled 1.158 trillion tenge (approximately $2.9 billion), which significantly exceeds the planned value.

Furthermore, CEO of the Fund, Akhmetzhan Yessimov has mandated to continue work on improving procurement system.

“Thanks to the improvements in the procurement system, last year we have saved 121 billion tenge (approximately $310.7 million). This year we are planning to save 153 billion tenge (approximately $392.9 million),” he said.

In April 2018, First President of Kazakhstan Nursultan Nazarbayev has approved the new Samruk-Kazyna development strategy for 2018-2028.

Nazarbayev has mandated the fund with goals, one of which is efficient portfolio companies management and alignment of their performance indicators with those of international analogue-companies.

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