Samruk-Kazyna Faces Financial Challenges in 2025: Falling Revenues, Rising Debt

The Samruk-Kazyna Fund expects its net profit to drop to 1.438 trillion tenge in 2025, down from 1.795 trillion tenge at the end of 2024, according to the fund’s head, Nurlan Zhakupov, Orda.kz reports.

Zhakupov’s forecast also indicates a decline in the fund’s revenue, from 17.171 trillion tenge in 2024 to 16.814 trillion tenge in 2025. Meanwhile, the fund’s debt is set to rise further: after increasing from 7.872 trillion tenge in 2023 to 9.039 trillion tenge in 2024, it is expected to reach 10.289 trillion tenge in 2025.

These projections are based on an estimated oil price of $75 per barrel in 2025, compared to an average price of $81 per barrel in 2024.

The company clarified that these figures reflect only the fund's share, as some of its subsidiaries are not fully owned by Samruk-Kazyna. Several subsidiaries have already gone public, bringing in minority shareholders.

Zhakupov also confirmed that Samruk-Kazyna is continuing preparations for the IPO of Kazakhstan Temir Joly (KTZ) and QazaqGaz.

The fund has decided to liquidate its subsidiary Samruk-Kazyna Business Service as part of its restructuring efforts. The issue has been submitted to the board of directors, and the process will be completed in accordance with legal requirements.

Earlier, Samruk-Kazyna had become the sole owner of three companies.

Original Author: Artyom Volkov