Kassym-Zhomart Tokayev heard a report on the results of the work of the Samruk-Kazyna SWF group of companies following the results of 9 months. 

According to Akhmetzhan Yessimov, net income in the reporting period exceeded the plan 2.6 times and amounted to KZT436 bln, while the plan was KZT167 bln. Payment of dividends to the shareholder - the Government of Kazakhstan in 2020 amounted to KZT120bln, which is 10 times more than in 2017. The stable functioning of all enterprises in the energy, oil and gas, uranium, telecommunications, postal and other industries was also ensured. The production personnel was retained without mass layoffs, and the timely payment of wages to workers was ensured. 

The CEO of Samruk-Kazyna has informed the Head of State that the Fund continues to work on the implementation of its instructions to support the country's economy through the procurement system. The share of local content in the Fund's purchases for 9 months of this year amounted to 66%. Procurements worth KZT819 bln were transferred to the competitive environment. 17,000 business entities got access to the Fund's purchases. Since the beginning of 2020, the group of companies has concluded contracts with domestic businesses for KZT2.4 trln, placed 12 thousand orders at domestic enterprises, which employ 280 thousand people. Expected tax revenues to the state budget will amount to KZT170 bln. 

The concept of transforming the Fund into an investment holding was presented to the President of Kazakhstan. According to the CEO of Samruk-Kazyna, this will allow diversifying the portfolio by geography and sectors of assets, increasing the profitability of investments and increasing budget revenues due to the growth of dividends. 

The Head of state was informed that in accordance with the President's Address, the asset privatization program would be continued. At the same time, the Fund will retain control over a 51% or more stake in large and strategic companies in order to ensure a balance between public and private interests.