MESSAGE FROM THE CHAIRMAN OF THE MANAGEMENT BOARD
Dear partners and colleagues,
2025 marked a year of sustainable growth, large-scale implementation of infrastructure projects, and accelerated technological transformation for the Samruk-Kazyna Group.
Financial performance
Financial results reflect the consistent efforts to enhance efficiency and improve asset management across the Fund. Increasing long-term asset value remains a strategic priority for the Fund. As of 2025, total assets reached KZT 44 trillion, representing a 19.8% increase compared to 2023.
Revenue exceeded KZT 18 trillion, growing by 14%, while net profit amounted to over KZT 2.3 trillion, confirming positive year-on-year dynamics.
The Fund’s overall contribution to the country’s economy and development, including payments to the Government and financing of social initiatives, totalled KZT 4,144 billion. This includes KZT 3,625 billion in tax payments to the budget, KZT 431 billion in dividends and other distributions to the Sole shareholder, KZT 75 billion contributed to the Qazaqstan halqyna Public Foundation, and KZT 13 billion directed to charitable activities.
Investment projects
In 2025, the Group completed the implementation of 10 major infrastructure projects with a total value of KZT 1.1 trillion, covering key sectors such as energy, transport, water resources, and industrial infrastructure.
A desalination plant with a capacity of 50,000 m³ per day was commissioned in the Kenderli settlement, addressing the shortage of fresh water supply for residents of Zhanaozen and the Mangystau region.
The CASPI BITUM plant’s capacity was increased to 750 thousand tonnes per year, ensuring supply of road bitumen to the domestic market.
The Taldykorgan – Usharal gas pipeline was constructed, providing access to gas supply for 84 settlements with a total population of 134 thousand people.
A container hub with a capacity of 120 thousand TEU per year was launched in Aktau, while the ZHETYSU terminal in Almaty, with a capacity of 115 thousand TEU per year, commenced operations, strengthening the country’s transit potential.
A 50 MW solar power plant was commissioned in Zhanaozen, contributing to the expansion of clean energy generation in the region.
Construction of second tracks on the Dostyk – Moyynty railway section was completed, increasing capacity fivefold. Traffic was also opened along the Almaty bypass railway line.
In the Zhambyl region, a plant for the production of wind turbine components, implemented in partnership with SANY Renewable Energy, was technically launched.
In addition, a meter manufacturing plant was built in Almaty in partnership with GoldCard.
Procurement
The Fund continues to enhance its system for supporting domestic producers through procurement. Procurement from local manufacturers increased by 98% compared to the previous year, while offtake contracts grew by 35%, reaching KZT 257 billion.
The Fund’s procurement web portal has been designated by the Government of the Republic of Kazakhstan as the platform for implementing the National Project “Modernisation of the Energy and Utility Sectors”, carried out jointly with the EBRD and ADB.
Furthermore, for the first time, the Fund’s procurement system was recognized by the EBRD, ADB, OECD and World Bank as compliant with best international standards.
Digitalisation and Artificial Intelligence
In the reporting year, particular attention was given to technological transformation and the adoption of artificial intelligence.
The Samruk-Kazyna Group is implementing 62 AI-driven projects aimed at improving efficiency, reducing losses and optimizing operational processes across all major production assets.
The primary focus has been on integrating AI into production activities. In 2025, more than 230 thousand employees completed training in basic artificial intelligence competencies.
Applied Science Projects
The role of applied science in enhancing the efficiency of the Fund’s assets continues to grow.
The Samgau Centre for Scientific and Technological Initiatives is implementing 49 projects with an expected economic effect of approximately KZT 244 billion over five years. By the end of 2025, 7 projects had been completed with a value of KZT 3 billion.
In the oil and gas sector, these initiatives focus on increasing associated gas processing depth and expanding the resource base of the Karazhanbasmunai field.
Operational Safety
Systematic efforts in occupational safety resulted in a 27% reduction in injury rates, while the LTIF decreased to 0.12, reflecting continued improvement in safety culture.
Corporate Social Responsibility
The Fund remains committed to social responsibility as an integral component of its long-term strategy.
Initiatives in the areas of inclusion, healthcare, culture and education continue to deliver broad social impact.
The inclusive support infrastructure includes dozens of rehabilitation centres and specialised educational facilities. In total, 55 rehabilitation centres are currently in operation, including 10 opened in 2025. Seventeen inclusion support classrooms have been established (31 in total), serving more than 2,000 children.
Overall, the Fund’s initiatives reach approximately 1 million citizens annually, generating measurable social impact and strengthening the country's human capital.
We are not only enhancing asset management efficiency, but also building the country’s infrastructure, technological, and social foundations. In 2026, the Fund will continue to implement strategic initiatives aimed at sustainable growth, technological advancement, and improving the quality of life for citizens.