Fund’s Credit Ratings
Obtaining ratings from leading international rating agencies represents an independent and sound assessment of the Fund's creditworthiness. The agencies have access to all necessary information for a thorough assessment. They also emphasise the significant role of the Fund in Kazakhstan's economy, which is aimed at industrialisation and financial stability.
On 17 October 2024, S&P Global Ratings affirmed the stable outlook on the rating of Samruk-Kazyna JSC and affirmed its long-term and short-term ratings at "BBB-".
On 11 September 2024, Moody's affirmed the rating of Samruk-Kazyna JSC at Baa1, with a stable outlook.
On 18 November 2024, Fitch Ratings affirmed the ratings of Samruk-Kazyna JSC at BBB, with a stable outlook.
RATING BY AGENCY IN 2024
The Fund's financial results are based on 12 months ended 31 December 2024 and compared to the previous two years. The following table provides financial information showing the consolidated performance of the Fund's Group.
CONSOLIDATED PERFORMANCE OF THE FUND'S GROUP
| Indicator | 202310 | 2024 |
|---|---|---|
| Consolidated revenue, billion KZT (excluding government subsidies) | 15,434 | 16,433 |
| Assets, billion KZT | 36,925 | 41,100 |
| Equity, billion KZT | 21,740 | 25,593 |
| Consolidated net income per shareholder, billion KZT | 1,699 | 2,354 |
| EBITDA, billion KZT | 4,488 | 4,905 |
| EBITDA margin (%) | 29 | 30 |
In 2024, consolidated revenue totalled KZT 16.4 trillion, up by KZT 1.0 trillion, or 6%, from 2023. Most segments in 2024 showed year-on-year revenue growth, namely: crude oil sales (+56 billion KZT), rail freight (+192 billion KZT), uranium products sales (+324 billion KZT), refined gold sales (+488 billion KZT), gas processing sales (+103 billion KZT), telecommunication services (+64 billion KZT), electric complex (+146 billion KZT) oil and gas transportation (+65 billion KZT), processing of customer-owned oil under tolling arrangements (+10 billion KZT), electricity transportation (+40 billion KZT), passenger railway transportation (+9 billion KZT), postal services (+3 billion KZT).
As of 31 December 2024, the consolidated assets of the Fund reached KZT 41.1 trillion, up by 4.2 trillion tenge or 11% compared to 2023. For 2024, the Fund paid taxes and payments to the budget of the Republic of Kazakhstan in the amount of KZT 2,086 billion. General and administrative expenses for 2024 totalled KZT 567.4 billion.
Debt and EBITDA of the Fund, billion KZT (consolidated)
At the end of 2024, the debt/EBITDA ratio was 1.92 due to the rate of debt increase exceeding EBITDA growth. In 2024, consolidated debt totalled KZT 9,402 billion.
DEBT AND EBITDA OF THE FUND
billion KZT (consolidated)
