Kulibayev’s Joint Resources Posts Loss in First Half of 2025

The holding company Joint Resources JSC, fully owned by Timur Kulibayev, reported a loss of ₸3.52 billion for the first half of 2025, Orda.kz reports.

Information on the loss is contained in the company’s interim financial statements for January–June, published on the KASE website on August 13. According to the document, Kulibayev’s company lost ₸3,524,981,000 in the first six months of the year. As of April 1, Joint Resources had shown a profit of ₸2.8 billion.

By the end of June, the company had accrued short-term accounts receivable of ₸14.2 billion, which it did not have at the start of the year. Total liabilities reached ₸51.9 billion, compared with ₸36.2 billion as of January 1, 2025.

Joint Resources JSC is a holding company managing Kulibayev’s assets in the coal mining, mineral exploration, energy, and oil sectors. Through it, the oligarch controls companies such as Shubarkol Premium, Caspiy Neft, Crystal Management, Premier Development Company, and others.

Earlier, it was reported that Atyrau Neftekhim LLP, co-owned by Kulibayev and Russia’s Sibur, had land in the Atyrau Region valued at ₸1.6 billion seized.

Original Author: Nikita Drobny