Samruk-Kazyna expects $1.8mln net profit in 2023

In 2023, Samruk-Kazyna plans to transact about 658 billion tenge in profit of state. These funds will be spent on payment of dividends, social programs and charity initiatives.

Net profit of Samruk-Kazyna group of companies in 2023 is expected at 1.8 trillion tenge, according to Co-Executive Director for Economy and Finance Mirat Utepov, Kazinform Agency reports.

“As per preliminary estimation, net profit of JSC Samruk Kazyna group of companies in 2023 is expected at 1.8 trillion tenge, which is a good result with the consideration of the current situation in oil market and the measures launched to raise production indicators,” Mirat Utepov says.

According to him, several negative factors impact the earnings. The first factor is oil prices decline. Currently, oil prices stand at $80, against $105 in 2022. The second factor is that prices decline led to a decrease in the volume of gas exported by Kazakhstan. At the same time, there is an increased demand for gas within the country.

As for positive aspects, Mirat Utepov pointed out a significant increase in cargo transportation, rise in tariffs for international and transit transportation, as well as an increase in revenue from the sale of uranium products.

In 2023, Samruk-Kazyna plans to transact about 658 billion tenge in profit of state. These funds will be spent on payment of dividends, social programs and charity initiatives.

As per preliminary data, 146 billion tenge of this amount will be paid to the national budget, another 353 billion tenge will be spent on implementation of social projects. The state will additionally receive 92 billion tenge after the privatization of assets.

Besides, the holding will allocate 67 billion tenge for Qazaqstan Halqyna Fund.