KazMunayGas Sees 18% Profit Growth in 2024 Despite Lower Oil Prices
Photo: Kmg.kz
Kazakhstan’s national oil and gas company, KazMunayGas (KMG), has released its 2024 financial results, showing a significant increase in net profit, Orda.kz reports.
According to documents published on the Kazakhstan Stock Exchange (KASE), KMG’s revenue grew by 10 billion tenge in 2024, reaching 8.33 trillion tenge.
However, this growth was tempered by a 5.9% decline in oil and gas prices, mainly due to falling global oil rates.
The company's net profit increased by 18.1% compared to 2023 and amounted to 1 trillion 94 billion tenge (2.3 billion US dollars). The profit growth is due to positive exchange rate differences, other financial income, as well as a decrease in expenses,KazMunayGas stated.
Total expenses rose by 14.7% to 1.4 trillion tenge. This increase was driven by higher wages at subsidiaries (such as OzenMunayGas, KazTransOil, EmbaMunayGas, and PNHZ), growing logistics costs in the domestic market, and production-related expenses. Administrative costs also rose 1.5 times, in part due to aid provided to flood victims.
KMG paid 593 billion tenge in taxes and received 701 billion tenge in dividends from its assets.
As of year-end, the company’s total debt stood at 3.97 trillion tenge — up 5.5% in tenge terms but down by $710 million in dollar terms, to $7.55 billion. Net debt totaled 1.16 trillion tenge.
The growth of the indicator in tenge is associated with a change in the exchange rate of the national currency in the reporting period, as well as in connection with an increase from 3% to 9.3% in the coupon rate of bonds issued by KMG in favor of Samruk-Kazyna JSC in 2022, the report explained.
The report also notes a 2.4% decline in KMG’s explored hydrocarbon reserves (now at 716 million tons), although oil and gas condensate production increased by 1.3% to 23.8 million tons. Oil transportation rose by 3.9% to 83.4 million tons, while refining dropped by 2.2% to 19.1 million tons across refineries in Kazakhstan and Romania.
Earlier this year, KMG Chairman Askhat Khasenov reported to President Toqayev on increased oil output and the progress of major investment projects.
Original Author: Nikita Drobny
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