A briefing on the interim results of the Fund’s work was held in Astana with participation of the Chairman of the Management Board and all Managing Directors.

The results of the Fund’s performance for 2024 and plans for 2025 were discussed at the briefing.

The financial indicators of the Fund continue to grow, the Head of the Fund, Nurlan Zhakupov, said.

“Revenues in the period from 2021 to 2024 increased by an average of 12%, EBITDA – by 7%, and net profit – by 13%. At the same time, despite the decline in oil prices amid the turbulence of the global economy, by the end of 2024, the net profit of the Fund’s group amounted to KZT2.4 trillion, which is 39% higher than the actual of 2023, - Zhakupov noted.

The Fund is one of the largest taxpayers in Kazakhstan. Tax payments amount to about KZT2 trillion annually.

In addition, the Fund has directed for the benefit of the state KZT1,355 billion, including:

• KZT737 billion – in the form of dividends to the budget;

• KZT568 billion - to finance social projects under instruction of the Government, including the construction of medical centers in Astana and Almaty;

• KZT50 billion was allocated to Kazakhstan Halkyna PF.

Thus, the total amount of all Fund payments in 2024 – KZT3.4 trillion - amounted to 17% of the total income of the republican budget.

25 Major Investment Projects to Have Been Implemented

“Since the beginning of 2023, 25 major projects for KZT 2.2 trillion have been implemented in almost all sectors of our presence. These include gas and energy supply to the population and industrial enterprises, building up the resource base, oil refining, logistics infrastructure, and providing residents of western regions with water”, - Nurlan Zhakupov said.

• To cover the shortage and the prospective growth of water consumption in Atyrau and Mangystau regions, the Astrakhan-Mangyshlak water pipeline was launched and a desalination plant was built in the village of Kenderli.

• The capacity of the CASPI BITUMEN plant has been increased in 1.5 times to 750 thousand tons per year, which will provide the domestic market with road bitumen.

• To ensure stable gas supply to the western regions of Kazakhstan, the Sarsha and Teply Beach gasification projects have been completed, the Makat-North Caucasus main gas pipeline loop and the Beineu-Zhanaozen 2nd line have been built.

• The gas infrastructure has been built to convert the Almaty CHP-2 and CHP-3 to natural gas.

• The work of the transport and logistics terminal in Xi’an, the container hub in the port of Aktau and the logistics complex in Almaty has been launched. This has strengthened Kazakhstan’s position as a reliable transit hub in Eurasia.

• The project to switch to a cyclic-flow technology for mining, transporting and loading coal at the Bogatyr mine has been completed, which has increased the mine's capacity from 32 to 40 million tons of coal per year.

• The 1st power unit of Ekibastuz GRES-1 has been restored. For the first time in the last 30 years, the station has been operating in an eight-unit mode (up to 4 GW).

• New power transmission lines have been introduced, built to strengthen the electric grid of the Western zone of Kazakhstan.

Privatization and International Cooperation

The Samruk-Kazyna Fund continues its policy of reducing the state’s share in the economy. Over the past two years, the KEGOC SPO and the Air Astana IPO have been successfully implemented, one of the largest placements in the region. The sale of Qazaq Air and mobile operator Mobile Telecom-Service (Tele2) LLP to strategic investors has been completed, which contributes to increased competition in the market and attracting investments in key sectors of the republic’s economy.

As for attracting FDI, the Fund co-invests in projects in the petrochemical, energy, transport and logistics, mechanical engineering, and digitalization together with partners from China, the United Arab Emirates, Russia, Italy, the United States, Qatar, France, and other countries. Over the past five years, Samruk-Kazyna JSC has attracted $27 billion to the economy. The plan for 2025-2029 is to attract more than $30 billion.

Within the framework of corporate social responsibility, charitable assistance was provided with 700 thousand Kazakhstanis. In 2024, 41 projects for KZT36.6 billion were implemented. 45 rehabilitation centers, 14 sports complexes in the regions, and 15 new-format inclusion classrooms have been opened at schools.