Support for Socially Oriented Construction
Samruk-Kazyna Construction JSC is a real estate development company established on March 6, 2009, by the Government of the Republic of Kazakhstan.
Its main purpose was to stabilise the situation in the real estate market, in particular, to solve the problems of participants in shared construction and to complete the construction of problem properties. Initially, the Company’s objective was to acquire residential and commercial properties under construction and ensure their effective management. As a national operator, the Company contributed to the implementation of government programmes such as the Anti-Crisis Programme, Affordable Housing 2020 and Nurly Zher.
In accordance with the Decree of the Government of the Republic of Kazakhstan dated November 30, 2022, No. 963, the Company has been designated as the Directorate within the framework of the implementation of the “Comfortable School” National pilot project.
In 2025, no agreements were concluded for new investment projects due to the decision to suspend investment activities in new projects until the completion of the pilot “Comfortable School” National project.
Construction of
208Comfortable schools has been completed across the country
Сommissioning of real estate
5.99thousand m2
Сommissioning of Comfortable School National Project
1.2thousand places
Key performance results 2025
| Indicator | 2024 | 2025 |
|---|---|---|
| ROACE, % | 9.91 | 9.3 |
| Debt/Equity, ratio | 0.26 | - |
| NAV, KZT million | 86,457.9 | 93,101.7 |
| Output of non-resource goods and services, KZT thousand | 27,108 | 19,360.23 |
| Labour productivity 37, KZT million/person | 40.31 | 43.9 |
| Financial indicators, KZT million: | ||
| Revenue | 21,202.6 | 14,507.94 |
| Gross profit | 11,963.5 | 8,606.03 |
| Dividends | 7,919.5 | 3,359.33 |
| Net profit | 8,621.8 | 6,500.66 |
| Current costs | 15,569.5 | 11,342.0 |
| Operating profit | 8,908.3 | 4,811.7 |
| Net debt | 15,974.3 | 0 |
| Amount of taxes paid, KZT billion | 5.036 | 4.258 |
| Sustainable development indicators: | ||
| Accidents (injured) | 0 | 0 |
| Including fatal accidents (fatalities) | 0 | 0 |
| Volume of heat and electricity consumed: | ||
| Electricity, thousand kWh | 3,857 | 3,804 |
| Heat supply, Gcal | 3,721 | 3,318 |
- The indicator is presented in accordance with the Fund’s methodology dated 9 December 2021, as approved by the Management Board of Samruk-Kazyna JSC (Protocol No. 55/21).
Financial Results
As of year-end 2025, the Company's net income amounted to KZT 6.5 billion, exceeding the planned level of KZT 6.4 billion.
The variance was mainly attributable to the following factors:
- delays by developers in the repayment of funds invested in projects;
- recognition of additional provisions;
- revenue from managing the “Comfortable School” National project was higher than planned due to the inclusion of carryover volumes from 2024.
At the same time, the Company reduced property maintenance expenses and financial costs, primarily due to the full early repayment of a loan to the Fund in September 2025, as well as ongoing cost optimisation measures.
Comfortable school
Since 2023, pursuant to the Decree of the Government of the Republic of Kazakhstan dated November 30, 2022, No.963, “On Approval of the Pilot National Project in Education ‘Comfortable School’”, the Company has been designated as the Project Management Office for the targeted construction of secondary education facilities. The company manages the project in accordance with the Rules for the provision of engineering services in the field of architectural, urban planning and construction activities and performs the functions of the customer. As of December 31, 2025, construction of all 208 schools in 3 major cities and 17 regions of Kazakhstan has been completed. As part of the “Comfortable School” National Project, the participation of domestic manufacturers is enshrined in law. As the directorate, the Company, under contracts for integrated turnkey design and construction, ensures the procurement of furniture products exclusively from individuals and legal entities included in the register of manufacturers of Samruk-Kazyna JSC and/or the register of domestic manufacturers (industry register based on the certificate of origin of the product form "ST-KZ" and/or industrial certificate) of the Atameken National Chamber of Entrepreneurs. According to design and cost documentation approved by the State Expert Review (Gosexpertiza), the local content share reached approximately 76%. During the implementation period of the “Comfortable School” National Project in 2024–2025, more than 30 thousand temporary jobs were created by contractors involved in the construction of the schools.
Plans for 2026
In accordance with the Trust Management Agreement No. 1975-I dated 30.09.2024, the Company manages the equity interests in Turkistan PGU LLP during the design, construction, commissioning, and ramp-up to design capacity of facilities under the project "Construction of a power plant based on a combined cycle gas turbine with a manoeuvrable generation mode with a capacity of 1,000 MW in Turkestan region".
Under this agreement, the Company continuously monitors the construction progress of the facility. Completion of construction and installation work is planned for the end of 2026.
