MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS
Dear partners and colleagues!
The year 2025 was characterised by heightened volatility in the external environment and significant structural challenges. Under these conditions, Samruk-Kazyna JSC and its portfolio companies focused on infrastructure development, investment attraction, digital transformation, and the improvement of asset management practices.
President of the Republic of Kazakhstan Kassym-Jomart Tokayev emphasises the importance of a sustainable growth model, where the state directs available financial resources into key sectors that ensure high-quality economic development. The Head of State has set clear objectives to enhance efficiency and increase the value of the Fund’s assets.
The year 2025 was characterised by heightened volatility in the external environment and significant structural challenges. Under these conditions, Samruk-Kazyna JSC and its portfolio companies focused on infrastructure development, investment attraction, digital transformation, and the improvement of asset management practices.
A portfolio of 62 priority initiatives has been established, with oversight exercised at the level of the Board of Directors. These initiatives encompass projects across key sectors of the economy aimed at creating new production capacity and strengthening the country’s economic resilience.
During the reporting year, the Group successfully completed several major projects in the modernisation of gas and power infrastructure, as well as in unlocking Kazakhstan’s transport and logistics potential. These include the commissioning of a desalination plant in Kenderli, the development of container hubs in Aktau and Almaty to strengthen Kazakhstan’s role as a transit hub, the expansion of CASPI BITUM production capacity, and the construction of the Taldykorgan–Usharal gas pipeline.
The Group delivered strong financial results, with net profit reaching KZT 2.3 trillion. Tax payments totalled KZT 3.6 trillion, representing a 7% increase compared to the previous year.
Net profit
Tax payments
Over the past seven years, the Group has attracted more than USD 30 billion in investment, including projects implemented in partnership with international partners.
A high level of attention is devoted to initiatives supporting domestic commodity producers. In 2025, procurement from domestic suppliers amounted to approximately KZT 2.2 trillion, doubling year-on-year. This is fully aligned with the President’s objectives to increase in-country value and stimulate the development of national business and industry.
Within the framework of the Year of Digitalisation and Artificial Intelligence declared by the Head of State, the implementation of modern technological solutions is a priority area. The Fund is developing a unified corporate artificial intelligence ecosystem - SKAI, which includes the deployment of artificial intelligence solutions across social initiatives, industrial safety, human capital management, procurement, finance and investment activities.
At major production facilities, automated emissions monitoring systems and best available techniques are being introduced, alongside comprehensive measures to improve energy efficiency. In addition, more than 2,000 environmental initiatives were implemented nationwide under the “Taza Kazakhstan” presidential programme during the reporting year.
As part of its corporate social responsibility efforts, the Group opened 10 rehabilitation centres for children with disabilities during the reporting period. These include two early intervention centres in Almaty and Kyzylorda, three centres for children with autism in Turkistan, Karaganda and Aktau, and, for the first time in the country, five mixed-format Ainala centres in the Turkistan, East Kazakhstan, Aktobe and Mangystau regions. In total, approximately 100,000 residents of remote areas received high-quality medical and legal services.
In 2026, the Fund will continue to implement strategic projects in line with the priorities of economic modernisation and institutional reforms enshrined in the Constitution of the Republic of Kazakhstan. Among the key areas of activity are the modernisation and reconstruction of existing thermal power plants, the creation of new generating capacities, the development of gas processing and petrochemical infrastructure, the expansion of the digital and telecommunications environment, as well as the further development of the railway and transit logistics network. The Fund intends to maintain its focus on efficiency, sustainability and resilience, ensuring its ability to adapt to global challenges and contributing to the long-term development of Kazakhstan’s economy and the strengthening of its competitiveness.