Kulibayev’s Joint Resources Skips 2024 Dividend Payout

The Joint Resources holding company, fully owned by Kazakh businessman Timur Kulibayev, will not distribute dividends for 2024, Orda.kz reports.

According to a document published on the Kazakhstan Stock Exchange (KASE), the decision was made to withhold profit distribution despite the company’s 2024 year-end figures showing total assets of 352.8 billion tenge, total liabilities of 41.1 billion, and retained earnings of 153.4 billion tenge.

However, the year brought losses for the holding, prompting its sole shareholder to decline a payout. Financial results for 2025 so far are also weak: as of July 1, total liabilities had risen to 89.3 billion tenge, including 51.9 billion in accounts receivable, with net losses reaching 3.5 billion.

Joint Resources manages Kulibayev’s assets in coal mining, mineral exploration, energy, and oil production, controlling companies such as Shubarkol Premium, Caspiy Neft, Kristall Management, and Premier Development Company.

In June, it was reported that another Kulibayev family asset — the Almex holding group — also opted not to pay dividends for 2024.

Original Author: Nikita Drobny