Samruk-Kazyna, the Kazakhstani Wealth Fund, saw its net profit for 2023 fall by 10.3% to $4.5bn, according to a report submitted to the Kazakhstan Stock Exchange (KASE). This decrease was mainly due to a 4.5-time increase in depreciation and higher operational costs. Financial expenses rose to $1.5bn, and profits from joint ventures and associated companies dropped by 1.5 times to $2bn.
Despite the profit decline, the holding's revenue grew by 4.1% to over $33bn. Public subsidies also increased by 14.3%, reaching $131mn. Earlier this year, CEO Nurlan Zhakupov had projected a net profit of around $4bn based on preliminary data.
The company's total assets increased by 9.8% to $79.3bn, driven by a significant rise in long-term assets and financial leasing investments. Equity capital grew by 10.1% to almost $47bn, supported by a twofold increase in noncontrolling interests to nearly $10bn and higher undistributed revenue of $22.2mn.
Samruk-Kazyna's liabilities grew by 9.8%, reaching $32.6bn. Loans from the government tripled to $23.6mn, while other current liabilities nearly tripled to $2.4bn. Liabilities related to assets for sale increased by 50.5% to $3.3bn.
The holding sold several significant assets in 2023. KazMunayGas sold a 50% stake in Kalamkas-Khazar Operating to Russia’s Lukoil for $200mn. Additionally, Samruk-Kazyna Ondeu sold a 40% share in Kazakhstan Petrochemical Industries (KPI) to Russia's Sibur Holding for $180mn.
In 2023, Samruk-Kazyna transferred $989mn in payments, including $511mn in dividends to the government, $144mn to the Qazaqstan Halkyna Fund, and $215mn from undistributed profits. This compares to $649mn in government payments in 2022, $335mn in 2021, and $387mn in 2020.
Samruk-Kazyna announced plans to issue 1,000 common shares at $524,393 each in May. These will be purchased by the Committee of State Property and Privatization, the fund's sole shareholder. Currently, there are 3.5bn common shares on the market, with authorized shares totalling 3.5bn.
Samruk-Kazyna, established in 2008, was formed by merging the Sustainable Development Fund Kazyna and Kazakhstan’s Holding for Management of State Assets Samruk. The fund’s primary goal is to increase the long-term value of the entities it manages. It operates across eight sectors, including petrochemical, transportation, communication, energy, mining, corporate, and various other industries.
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