BAKU, Azerbaijan, March 17. The net profit of Kazakhstan’s national oil and gas company "KazMunayGas" (KMG) amounted to 1.31 trillion Kazakh tenge ($2.85 billion) in 2022, Trend reports, citing KMG.
This is an increase of 2.4 percent compared to the results recorded in 2021.
Revenue generated by the KMG amounted to 8.68 trillion Kazakh tenge ($18.84 billion) in 2022, which is an increase of 34.5 percent compared to 6.45 trillion Kazakh tenge ($15.16 billion) revenue obtained in 2021.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 25.9 percent to 2.53 trillion Kazakh tenge ($5.5 billion), compared to 2.01 trillion Kazakh tenge ($4.73 billion) a year prior.
KazMunayGas also revealed that operating costs increased by 58.4 percent to 1.14 trillion Kazakh tenge ($2.47 billion), mainly due to the increase in employee remuneration.
Transportation and selling expenses were 205 billion Kazakh tenge ($445 million), up 11.9 percent in year-over-year terms
KazMunayGas is the state-owned oil and gas company of Kazakhstan. It was formed by the decree of the President of Kazakhstan dated 20 February 2002 through the merger of Kazakhoil CJSC and Oil&Gas Transportation CJSC.