Key Financial Indicators Show Steady Growth — KazMunayGas
The revenue of JSC NC “KazMunayGas” in the first six months of the current year was KZT 3.1 trillion, which is 38.5% higher than in the same period of the previous year. This is what Dauren Karabayev, Deputy Chairman of KMG’s Management Board, said during the on-line briefing at the platform of Samruk Aqparat Press Centre.
According to him, the results were positively impacted by the rise of prices for crude oil and oil product. The price of Brent crude oil in the reporting period averaged $65 per barrel, which is 62.2% higher than in the previous year.
In January-June, the company also generated a free cash flow of KZT 291 billion. Net profit equalled KZT 644 billion. EBITDA was KZT 1.1 trillion. i.e. 92.6% up from the previous year’s figure.
“EBITDA, net profit, free cash flow were better that in the first six months of 2020, and better than in the same period of pre-pandemic 2019. This became possible due to implementation of the anti-crisis programme in 2020, and the reduction in the operating and capital expenses,” Dauren Karabayev said.
According to his data, the consolidated general and administrative costs in the first six months of 2021 turned out 8% lower than in the same period of 2020, and 26% lower than in the first six months of 2019. CAPEX showed the maximum reduction in absolute and relative terms.
“In the reporting period, KazMunayGas, without its joint ventures, paid more than KZT 300 billion of taxes to the national budget. Apart from that, the company paid dividends to its shareholders in the amount of KZT 50 billion,” the Deputy Chairman of KMG’s Management Board added.
Dauren Karabayev noted that KazMunayGas was going on with its efforts aimed at achieving the “pre-pandemic” operating and financial results.
“While the operating performance is still lower than that before the crisis, we can see considerable improvement of the company’s financial indicators. Some of them have already exceeded the 2019 level. Nevertheless, we are going to stay focused. The company is doing its best to hold the costs down,” he summarised.