The Kazakhstan Electricity Grid Operating Company (KEGOC) has announced a remarkable surge in its net profit for the first half of 2023. As per a press release from the company on August 17, KEGOC's net profit skyrocketed by an impressive 64.3%, reaching an impressive 23 bn tenge, equivalent to $49.7 mn. This outstanding financial performance reflects significant growth compared to the same period in the previous year.
The company's operating income also demonstrated robust growth, totaling 114.4 bn tenge ($247.5 mn), marking an 11.3% increase. A substantial portion of this increase, 11.5 mn tenge ($24,889), was attributed to elevated tariffs and higher volumes for regulated services.
Notably, the income derived from electricity transmission amounted to a substantial 80 bn tenge ($173.1 mn), highlighting the critical role KEGOC plays in facilitating the distribution of electricity across the nation. Furthermore, revenue generated from electricity dispatching accounted for 16.8 bn tenge ($36.3 mn), further contributing to the company's impressive financial performance.
Income stemming from balancing organization activities amounted to 10.6 bn tenge ($22.9 mn), underscoring KEGOC's strategic management of resources and assets. Additional revenue from core activities brought in 6.9 bn tenge ($14.9 mn), reflecting the company's diversified portfolio of services.
In the previous fiscal year, KEGOC demonstrated its commitment to providing value to its stakeholders by distributing dividends totaling 30.1 bn tenge ($65.1 mn). This dividend distribution underscored the company's dedication to rewarding its investors while reinforcing its financial stability.
The remarkable growth in net profit and operating income serves as a testament to KEGOC's effective management, strategic planning, and pivotal role in sustaining Kazakhstan's electricity infrastructure. As the nation continues to advance and develop, KEGOC's performance remains integral to ensuring a reliable and efficient electricity grid.
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