Kazakhstan’s state-owned oil and gas company, KazMunayGas (KMG), posted an 18.1% rise in net profit for 2024, reaching 1.094 trillion tenge ($2.3 billion).

Source Orda.kz

Revenue increased by 10 billion tenge to 8.33 trillion tenge, despite a 5.9% drop in oil and gas prices due to declining global rates. Profit growth was driven by favorable exchange rates, financial gains, and reduced expenses.

Total costs rose 14.7% to 1.4 trillion tenge, mainly due to higher wages at subsidiaries, increased logistics and production expenses, and aid for flood victims. KMG paid 593 billion tenge in taxes and earned 701 billion tenge in dividends.

At year-end, total debt stood at 3.97 trillion tenge, up 5.5% in local currency but down $710 million in dollar terms to $7.55 billion. Net debt was 1.16 trillion tenge. KMG’s hydrocarbon reserves fell 2.4% to 716 million tons, while oil and gas condensate production rose 1.3% to 23.8 million tons. Oil transportation increased by 3.9%, while refining declined by 2.2%.

Earlier this year, KMG Chairman Askhat Khasenov updated President Toqayev on rising oil output and key investment projects.