Samruk-Kazyna net income increase for Q1 2019
The net income of Samruk-Kazyna SWF has increased by KZT128 billion or 78% following Q1 2019 as compared to year earlier
The net income of Samruk-Kazyna SWF has increased by KZT128 billion or 78% following Q1 2019 as compared to year earlier. According to the consolidated financial statements, the net income per stockholder’s equity for Q1 of the current year has amounted to KZT291 billion, Samruk-Kazyna press service informs.
At the same time, revenues from sales have amounted to KZT2 533 billion which is 20% higher than the same period of the last year. Operating profit for three months of this year has made KZT 276 billion which exceeds Q1 2018 actuality by KZT 47 billion or 20.5%.
The key factors of the net income growth are increase in the volume and sales price of crude oil and gas export, growth of revenues from telecommunications services and refined gold as well as the share of revenues from associates and joint ventures of KazMunayGas group.
It should be noted that the net income results for Q1 2018 include non-monetary income for KZT312 billion, mainly by companies acquired by JSC NAC Kazatomprom. This inflow amount follows from revaluation of acquired companies when joining the group in accordance with the IFRS requirements and is a one-time non-monetary factor of non-operating activities that distorts the data comparison logic and should not be taken into account when compared with the current year indicator. Thus, the Fund’s net income for Q1 2018 amounted to KZT 163 billion excluding this factor.
Source: Kazinform News Agency
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Omarov said that, with the participation of the National Privatisation Office, a plan had been approved to optimise quasi-state sector entities and state-owned assets for the 2026-2030 period. The assets scheduled to be transferred to the competitive market environment generate combined revenue of 3.4 trillion tenge.
The parties also discussed reforms to the public procurement system. As a result of measures already implemented, the share of single-source procurement has fallen from 39% to 24%. Consequently, the volume of competitive procurement increased from 6.2 trillion to 8.1 trillion tenge.
The agency chief also reported on efforts to remove barriers to business activity, eliminate unproductive intermediaries in key markets, and develop new approaches to regulating the digital economy.
Following the meeting, Tokayev issued a number of instructions.
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Finance Ministry Reveals Size of Kazakhstan’s Public Debt
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We do not include the quasi-public sector in these calculations. Kazakhstan’s sovereign government debt stands at $17 billion, or 4.5% of GDP. This is significantly lower than in neighbouring countries," Takiyev said.
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We spend 3.5 trillion tenge on debt servicing. However, through diversification of our debt portfolio, we have already saved 115 billion tenge this year," he said.
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These are obligations between business entities. They borrow independently and repay independently. The state has not provided guarantees for these loans," he said.
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Kazakhstan, for its part, said it was ready to consider providing Iranian companies with port facilities, berths and terminals at the Caspian Sea ports of Aktau and Kuryk.
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At the conclusion of the meeting, both sides reaffirmed their commitment to accelerating joint projects, developing transport and logistics infrastructure and stepping up efforts to attract investment.
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