Revenue by Segment
| Indicator, KZT billion | 2024 | 2025 |
|---|---|---|
| Crude oil sales | 4,671 | 4,730 |
| Petroleum products sales | 2,592 | 3,361 |
| Rail freight transportation | 1,870 | 2,456 |
| Refined gold sales | 1,260 | 1,936 |
| Uranium products sales | 1,715 | 1,692 |
| Gas processing products sales | 1,091 | 1,153 |
| Electricity and heat sales | 517 | 618 |
| Telecommunication services | 696 | 536 |
| Oil & gas transportation | 385 | 420 |
| Electricity transmission | 237 | 294 |
| Toll processing of crude oil | 259 | 247 |
| Passenger rail transportation | 115 | 135 |
| Power capacity availability services | 72 | 81 |
| Telecommunications equipment and mobile devices sales | 37 | 42 |
| Postal services | 35 | 39 |
| Income from financial services & commissions | 21 | 27 |
| Air freight | 78 | 6 |
| Other income | 638 | 795 |
| Rental income | 98 | 151 |
| Interest income | 49 | 54 |
| Total | 16,433 | 18,772 |
Segment revenue growth was driven by both external market conditions and internal operational factors.
In 2025, the oil segment recorded revenue growth despite a decline in global oil prices from USD 80.76 to USD 69.10 per barrel. The growth was driven by the year-on-year depreciation of KZ tenge against the US dollar and higher revenues from petroleum product sales at KMG International.
Freight rail transportation showed growth, supported by tariff increases, exchange rate movements, and improved revenues from freight wagon fleet operations.
Gas segment revenues increase in 2025 compared to 2024 was supported by higher domestic gas sales in Kazakhstan, driven by an average 33% rise in wholesale prices starting from the second half of 2025, and a 2% increase in sales volumes. Further growth was supported by increased revenues from international gas transit, driven by a 15% rise in transportation volumes via CAC pipeline system from the Russian Federation to Uzbekistan (reverse flows).
Uranium product sales decreased as a result of a 6% reduction in the average realized price compared to 2024 (USD 65.13 vs. USD 69.48), reflecting a decline in the spot price of natural uranium.
Oil and gas transportation volumes were driven by increased throughput across pipeline and maritime routes, while the rise in power generation was attributable to tariff increases implemented in February 2025.
Growth in revenue from refined gold sales was defined by rising gold prices and higher sales volumes, reflecting increased supplies of gold-bearing materials.
Revenue from postal services increased primarily due to higher parcel volumes, with additional contributions from freight transportation and customs brokerage services.
Telecommunications revenue fell by KZT 159 billion (-23%), reflecting, among other factors, the sale of a 100% stake in Mobile Telecom-Service LLP (MTS). The transaction closed on 14 January 2025 after receipt of the initial payment and completion of the company’s re-registration, following Kazakhtelecom Group’s cease of control of MTS.
As a result, MTS has been deconsolidated in accordance with IFRS 5.
