Kazakhstan: National Companies Up Net Profit In 1H2016
Kazakhstan’s national companies had 146 billion tenges (334.5 tenges = $1) of net profit in 1H2016, which is 19 percent more compared to the same period of 2015, Finprom.kz analytical service reports.
The national companies also managed to retain their profitability level at 18 percent in the reporting period in spite of increase in the prime cost of goods and services.
Revenues of the Kazakh national companies from core activities increased by 28 percent to hit 685 billion tenges in 1H2016.
Their financing income decreased by 17 percent, while other kinds of income increased by 4.2 times during the period.
Total expenditures of the Kazakh national companies increased by 22 percent in 1H2016. The main part of this increase accounted for the expenditures directly associated with production.
Administrative costs and labor costs increased by 0.2 percent to 157 billion tenges.
Eight national companies – Samruk-Kazyna National Wealth Fund, Kazakhstan Railways, Kazpost, KazMunaiGas, Kazakhstan Electricity Grid Operating Co (KEGOC), Samruk-Energy, Kazatomprom atomic company and Samruk-Kazyna Contract – are passing through a transformation program launched in September 2014.
The program is aimed at increasing the portfolio management efficiency and implementation of new principles of corporate governance in line with the standards of the Organization for Economic Cooperation and Development.