KMG EP Reports 88 Bn Tenge Profit In H1

Price for liquefied gas at KazMunayGas stations climbed to 45 tenge in Aktau

Kazmunaigas exploration and production (KMG EP) received 88 bn tenge profit in the first half of 2017, 5 times up year on year, reports the press-service of the company.

“Revenue for the first six months of 2017 was up 39% year on year and amounted to 437 bn tenge (US$1,371m). This was largely a result of a 30% Brent price increase, higher share of export sales and the switch to the processing scheme in April 2016, which was partially offset by an 8% decrease in the average tenge – US dollar exchange rate,” said the company.

Net profit for the first six months of 2017 was 88bn tenge (US$276m) compared to 17bn tenge (US$50m) in the same period of 2016. Net cash generated from operating activities was 153bn tenge (US$481m) compared to 4bn tenge (US$13m) in the same period of 2016.

EBITDA for the first six months of 2017 was 131bn tenge (US$410m) compared to 56bn tenge (US$162m) in the same period of 2016.

Net cash position as at 30 June 2017 was 1,286bn tenge (US$4.0bn) representing a 143bn tenge (US$347m) increase over the net cash position as at 31 March 2017 and a 114bn tenge (US$474m) increase from 31 December 2016.

The net cash position as at June 30, 2017 was 1,286bn tenge (US$4.0bn), compared to 1,143bn tenge (US$3.6bn) as at March 31, 2017. 94% of cash and financial assets were denominated in foreign currencies (predominantly US dollars) and 6% were denominated in tenge.

Finance income accrued on cash, financial, and other assets in the first six months of 2017 totaled 15bn tenge (US$47m), compared to 14bn tenge (US$41m) in the first six months of 2016.

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