Kazatomprom Sees 129% Profit Growth
Photo: Kazatomprom.kz
In the first three quarters of 2024, JSC NAC Kazatomprom's net profit increased by 129% to 744.6 billion tenge, Orda reports.
The company’s financial statements indicate that Kazatomprom’s revenue increased by 31% (to 1.1 trillion tenge), while general and administrative expenses decreased by 26%, amounting to 30 billion tenge.
Oil and gas industry analyst Nurlan Zhumagulov notes that the sharp increase in profits is thanks to gaining control over the Budenovskoye joint venture,
Kazatomprom's share in this enterprise is estimated at 296 billion tenge.
Even without taking into account the Budyonnovsk asset, Kazatomprom's marginality is 40%, which KazMunayGas never dreamed of. It would be logical to expect an increase in the value of Kazatomprom shares against the backdrop of a weakening tenge, but as of January 1, 2025, Kazakhstan must increase the mineral extraction tax rate for uranium from the current 6% to 9%. And from January 1, 2026, additional mineral extraction tax payments will be made depending on production volumes and world prices for uranium,writes Nurlan Zhumagulov.
Reports recently surfaced that Kazatomprom received the right to explore the Severnoye section of the Budenovskoye deposit in the Turkestan region, where significant uranium deposits may be located.
Original Author: Nikita Drobny
Latest news
- Orda.kz Editorial Team to Cease Operations on September 1
- The Price of a Degree: How Students in Kazakhstan Pay for University
- Second Przewalski’s Horse Foal Born as Species Returns to Kazakhstan
- Kazakh Mining Companies Can Recalculate Purchases if Tenge Weakens
- Kazakhstan Names First Vice President in Three Decades
- What Almaty’s Bus Shelters Are Missing
- 400-Truck Queue Builds at Kazakh–Kyrgyz Border
- Kazakhstan Ready to Help Feed and Rebuild Gaza
- Tokayev Establishes New Presidential Security Body
- Almaty Takes Back Its Nearly Century-Old Hippodrome
- No More Guesswork on Savings: Kazakhstan Tightens Energy Audits for Businesses
- Public Money Could Be Used to Rescue Failing Kazakh Banks
- Third Kazakh Woman Reported Missing in Nepal-China Flood Zone
- Falconer Convicted Over 35 Protected Birds, Spared Punishment Under Amnesty
- Kazakh Citizen Detained in Yakutia in Phone Fraud Case
- Yuan Instead of Dollars? KazMunayGas Draws Record Demand in Asia
- China Gains Oil-Market Influence as OPEC+ Weakens
- Kazakhstan to Divide Smartphones Into White, Gray and Black Lists
- Kazakhstan’s Government Formally Resigns as First Kurultai Session Opens
- Rare Lynx Sighting Recorded in Northern Kazakhstan
