Sovereign wealth fund Samruk-Kazyna (Kazakhstan) announces 2013 H1 operating results of Real Estate Fund Samruk-Kazyna
September 13. KASE
Sovereign wealth fund Samruk-Kazyna (Astana), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release of September 13, 2013:
On September 12 the Management Board of Samruk-Kazyna (hereinafter – the Fund) on a regular meeting headed by the Fund’s CEO Omiruzak Shokeev listened to the report of the top-management of Real Estate Fund Samruk-Kazyna (hereinafter – RFSK) on main results of operations in 2013 H1.
During the period under review the RFSK earned a net profit of KZT881 m, by 2% exceeding the plan. In addition, expenses were reduced, including general and overheads by 23% and financial expenses by 18%.
Under the program “Affordable home-2020” 6 investment agreements were concluded as part of the mechanism of implementing projects according to subcontractor applications. The overall area of objects under agreements concluded makes up 412 th. sq. meters or 7,464 apartments, including 5,756 apartments of the RFSK.
At the same time until the year end 2 objects with an overall area of 162.89 thousand sq. m are supposed to be commissioned under the program “Affordable home-2020” in association with private constructors.
In total, the RFSK is currently reviewing at least 16 projects of residential housing with at least 348.8 thousand sq. m falling onto the Fund’s part.
Also, the RFSK in the course of implementing under the program “Affordable home-2020” pays great attention to issues of providing domestic content in procurement of contractors and development of professionalism in the building industry. So, the share of Kazakhstan-made content in contractor’s procurement under projects being implemented makes up 70%. The Fund wants to ensure retaining of this indicator in the medium term.
Based on listening results, the RFSK gave instructions with regard to commissioning until end of 2013 of areas planned under the program “Affordable home-2020”, as well as activating the work on new strategic lines, including the project “Green quarter” as part of implementing measures on preparation for international fair EXPO-2017 and other investment projects.