Oil Company of Dariga Nazarbayeva's Husband: JSC Ushkuyu's Position Improves, But There's a Catch

JSC Ushkuyu, whose shares are traded on the Kazakhstan Stock Exchange (KASE), published its financial report for 2023, Orda.kz reports . 

According to it, the company significantly improved its financial position compared to the previous year. It still has a capital deficit, however. This figure has decreased, and net profit amounted to 29.4 billion tenge, radically changing the situation after losses in 2022.

The company's resilience shone through despite the drop in sales volume, which amounted to 448 million tenge compared to 1.25 billion tenge in 2022. It reduced its liabilities and improved its overall financial performance.

The audit report was prepared by Almir Consulting, which, despite some reservations, confirmed the accuracy of the data provided. Ushkuyu, therefore, ended 2023 with more stable financial indicators.

Dariga Nazarbayeva's husband owns 23% of the shares of the company that owns the Jetybay North-West oil field. The enterprise's main activity is preparing oil from its well and two other companies and injecting it into the main oil pipeline of JSC Kaztransoil. However, last year was the most unprofitable for JSC Ushkuyu. Current liabilities exceeded assets by 96 billion tenge.

Last September, the company's shareholders held a general meeting. The agenda included restoring solvency based on the law "On rehabilitation and bankruptcy."

Original Author: Artem Volkov