Financial results and sustainable growth
GRI 3-3
We are committed to maintaining financial stability, as it is key to our contribution to the country’s economic development and sustainable growth.
At the end of 2024, the Fund Group’s financial stability strengthened and payments to the Government increased.
The value of assets at the end of 2024 was KZT 41.1 trillion (KZT 36.9 trillion in 2023).
GRI 201-1
Revenues grew by 7% to KZT 18 trillion (KZT 17.1 trillion in 2023).
GRI 201-4
In 2024, the government subsidies made KZT 57.5 billion (KZT 61 billion in 2023).
At the same time, the debt/EBITDA ratio increased to 1.92 at the end of 2024, which is associated with higher debt growth rates compared to EBITDA growth.
GRI 201-1
Created and distributed direct economic value, KZT billion
| Indicator | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Direct economic value created | ||||
| Total revenues | 13,179 | 16,703 | 17,198 | 18,470 |
| Distributed economic value | ||||
| Total costs | -10,083 | -13,275 | -14,947 | -15,405 |
| Operating costs | -7,181 | -9,308 | -9,335 | -9,864 |
| Wages and other payments and benefits to employees | -1,242 | -1,634 | -1,992 | -2,231 |
| Payments to capital providers | -794 | -1,071 | -2,212 | -1,683 |
| Payments to the Government | -799 | -1,129 | -1,270 | -1,310 |
| Investments in local communities | -68 | -132 | -138 | -317 |
| Retained economic value | ||||
| 3,095 | 3,428 | 2,251 | 3,065 | |
Dividends and other payments to the budget
Payments to the Government of the Republic of Kazakhstan, KZT billion
| Name | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Dividends | 88 | 174 | 1,269 | 737 |
| Other distributions to shareholder | 68 | 132 | 133 | 568 |
| Taxes paid to the budget of the Republic of Kazakhstan | 1,167 | 1,696 | 1,993 | 2,086 |
| Other | 0.6 | 0.1 | 67 | 50 |
| Total | 1,324 | 1,999 | 3,461 | 3,441 |
Our strong financial performance is supported by our credit ratings:
BBB
Outlook “Stable”
Outlook “Stable”
BBB-
Outlook “Stable”
Outlook “Stable”
Baa1
Outlook “Stable”
Outlook “Stable”