KMG EP Reports 88 Bn Tenge Profit In H1
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.