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Sovereign Wealth Fund «Samruk-Kazyna» JSC

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Samruk-Kazyna fulfills the annual plan for operating profit by 78% for six months

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03.08.2018 13:47

Samruk-Kazyna demonstrates growth in all major financial indicators. Holding’s revenue from core operations is KZT 3.339 trillion, a 27% increase compared to the same period last year. The operating profit plan was fulfilled by 78% and reached KZT 428 billion, which is 43.1% higher than in the same period of 2017, Yernar Zhanadil, Co-Managing Director for Economy and Finance of Samruk-Kazyna JSC, told at a press conference on the performance results of SWF Samruk-Kazyna for the first half of 2018 at the Government of the Republic of Kazakhstan.

The above mentioned indicators were achieved due to several factors: oil processing increased by 13%, power production by 28%, railway freight turnover by 9%, and positive dynamics in hydrocarbon prices also played a significant role.

It is important to note the results of the work to strengthen the financial stability of the Fund and its leading portfolio companies: the Fund reduced external debt by USD 900 million in the first half of 2018, KazMunayGas JSC repaid international bonds worth USD 1.6 billion, Samruk-Energy JSC prepaid KZT 39 billion loans ahead of schedule.

In addition, blocked deposits for the amount of KZT 117 billion were withdrawn from Kazkommertsbank ahead of schedule, and a framework agreement on early withdrawal of blocked deposits of KZT 220 billion in another second-tier bank was signed. These funds are to be allotted to Samruk-Kazyna portfolio companies in the form of loans at below-market rates. In particular, NC Kazakhstan Temir Zholy JSC will receive KZT 75 billion, Kazakhtelecom JSC – KZT 75 billion and NAC Kazatomprom JSC - USD 200 million According to the Co-Managing Director for Economy and Finance, in the medium term this measure will have a positive effect in the amount of KZT 50 billion.

During the press conference, Baljeet Grewal, Managing Director for Strategic Development of Samruk-Kazyna JSC, stressed that the results for the first half were achieved due to structural changes under the New Development Strategy.

In particular, the number of Holding’s subsidiaries has been reduced from 359 to 312 units. 15 assets worth of KZT 28.5 billion have been realized. The Fund plans to continue the privatisation program, which includes the sale of 51 assets and the withdrawal of 102 non-strategic assets.

In addition to the main strategic projects, the tasks for the second half of the year for the development of the SEZ Khimpark Taraz and National Industrial Petrochemical Technopark in the Atyrau region were defined.

It should be noted that in April of this year Akhmetzhan Yessimov, Chairman of the Management Board of Samruk-Kazyna, presented new development strategy to the Head of State at the meeting of Samruk-Kazyna Management Board. President Nursultan Nazarbayev supported and approved the initiatives, gave a positive assessment to the activities aimed at the development of the Fund.

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