Financial Overview
Statement from the Deputy Chairman of the Management Board
Diana Aryssova Deputy Chairman of KMG’s Management Board
In the reporting period, the Company demonstrated robust financial performance, ensuring sustainable development and consistent fulfilment of its commitments. The effective management of our own and borrowed funds helped maintain financial stability and protect the interests of KMG’s key stakeholders. The solid results of 2024 laid a strong foundation for the Company’s continued sustainable growth.
KMG efficiently manages its free cash flow to secure a balanced allocation between debt reduction, investments and dividend payments. This approach supports both financial resilience and long‑term growth.
In 2024, Brent crude traded at an average of USD 80.8 per bbl, down 2.3% year-on-year. The average KEBCO discountSpread is the average daily price difference between a given oil grade and Brent over the analysed period. A positive spread value indicates a premium to Brent, while a negative value indicates a discount. to Brent came in at USD 0.02 per bbl.
2024 financial results
Despite the volatility of the oil market in 2024, KMG continued to ensure balanced development and financial stability. The decline in oil prices had a moderate impact on the Company’s financial performance, which confirms the effectiveness of our financial management strategy.
EBITDA was USD 4.3 bln, down 3.1% year‑on‑year. At the same time, adjusted EBITDA, which includes dividends received from joint ventures and associates instead of equity share in their profits, amounted to USD 4.6 bln, increasing by 0.9%.
Dividends from joint ventures and associates grew 10.0% year‑on‑year to reach USD 1.5 bln.
Capital expenditures on an accrual basis came in at USD 1.5 bln and on a cash basis at USD 1.4 bln, showing a year‑on‑year decrease of 13.4% and 8.3%, respectively.
Free cash flow went up 18.4% year‑on‑year to USD 2.6 bln. KMG delivered a significant increase in net cash flows from operating activities, driven by higher dividends from joint ventures and associates, along with lower capital expenditures.
Comfortable debt
KMG focused on reducing its total debt and made considerable progress in this area. By keeping debt at a comfortable level, the Company strengthens its financial stability and resilience to macroeconomic risks. Early debt repayment in case of free cash availability enables KMG not only to mitigate financial risks, but also to preserve flexibility in raising funds for new strategic projects.
Total debt at the end of the reporting year was at KZT 3.97 trln or USD 7.6 bln, up 5.6% in tenge terms and down 8.6% in USD terms compared to 2023. Net debt stood at USD 2.2 bln, a 38.8% drop year‑on‑year.
In 2024, KMG made a partial early repayment of 2027 bonds for a total of USD 750 mln (equivalent of KZT 358 bln), thus reducing its debt and saving USD 92.7 mln in coupon payments. As of 31 December 2024, KMG’s loan obligations decreased by 4.4% to KZT 679 bln primarily due to full and partial repayments of debt by Atyrau Refinery, Pavlodar Refinery, KMG International and KazTransOil.
The Company upholds strict financial discipline and meets its obligations in a timely manner, demonstrating its reliability and strong credit standing. A consistent approach to financial management reinforces investor and lender confidence, which gives KMG steady access to capital markets.
Credit ratings (S&P, Fitch, Moody’s)
In 2024, KMG improved its financial resilience, earning strong recognition from international rating agencies. In September 2024, Moody’s Ratings upgraded the Company’s credit rating from Baa2 to Baa1, stable outlook. This reflects not only Kazakhstan’s sovereign rating upgrade but also KMG’s strategic importance to the country and its solid financial performance. We remain focused on improving efficiency, driving sustainable growth, and creating added value for our shareholders.
A consistently high credit rating confirms KMG’s reliability as a borrower and secures continued access to international financial markets, supporting investment inflows and our key strategic projects.
Dividends to shareholders and the growth in share value
In 2024, KMG continued to create strong value for shareholders. For the second year running, we paid record high dividends, demonstrating our commitment to shareholder returns. In 2024, KMG declared and distributed dividends for 2023 in the amount of KZT 300 bln (USD 639 mln) or KZT 491.71 per share.
Over the year, the Company’s stock price climbed 27%, reaching KZT 14,621 per share as of 31 December 2024. With dividend payments included, the total shareholder return for 2024 stood at 31%. Since the IPO in December 2022, KMG’s share price increased by 74%, with the total return (dividend payments included) reaching 86%. This performance underscores strong investor confidence and the Company’s steady growth trajectory. At the end of 2024, KMG had a market capitalisation of KZT 8.9 trln, an equivalent of USD 17 bln. These achievements reaffirm the success of our strategy in driving sustainable growth and increasing corporate value.
Taxes
KMG makes annual contributions to the national economy through tax payments and social commitments. The Company paid USD 4.3 bln (KZT 1,995 bln) in taxes and mandatory contributions to the state budget, including contributions from joint ventures and associates. By maintaining a balanced approach to financial stability and its obligations, KMG continues to drive sustainable growth and strengthen its long‑term positions in the market.
Diana Aryssova
Deputy Chairman of KMG’s Management Board
Credit ratings
KMG strives to maintain investment‑grade credit ratings, support a strong credit profile, and reinforce its reputation as a reliable borrower. In 2024, the implemented measures aimed at enhancing financial stability contributed to the improvement of the Company’s credit ratings, confirming the effectiveness of its financial strategy.
KMG credit rating dynamics
- 26 December 2023: S&P Global Ratings affirmed KMG’s rating at BB+ due to strong financial performance, with a Stable outlook. At the same time, the standalone credit profile (SACP) rating was upgraded from “bb‑” to “bb”.
- 20 June 2024: Fitch Ratings affirmed KMG’s long‑term credit rating at “BBB” with a Stable outlook. The rating remains at the same level as Kazakhstan’s sovereign rating, highlighting KMG’s strategic importance to the country’s economy.
- 11 September 2024: Moody’s Ratings upgraded KMG’s credit rating from “Baa2” to “Baa1” and changed the outlook to Stable, following an upgrade of Kazakhstan’s sovereign credit rating and an improvement in KMG’s standalone credit metrics. As a result, KMG’s credit rating is now aligned with the sovereign credit rating.
| Moody’s | S&P | Fitch |
|---|---|---|
| Baa1 (“Stable”) | BBB+ | BBB+ |
| Baa2 | BBB | BBB (“Stable”) |
| Baa3 | BBB− | BBB− |
| Ba1 | BB+ (“Stable”) | BB+ |
| Ba2 | BB | BB |
| Ba3 | BB− | BB− |
| Moody’s | S&P | Fitch |
|---|---|---|
| Baa1 (“Stable”) | BBB– (“Stable”) | BBB (“Stable”) |
Key financial indicators for 2024The amounts were converted to US dollars for user convenience at average exchange rates for respective periods (average USD KZT for 2024 and 2023 were at 469.31 and 456.21 respectively; end‑of‑period USD/KZT as of 31 December 2024 and 31 December 2023 were at 525.11 and 454.56 respectively).
| Indicators | UoM | 2023KMG has completed the fair value assessment of the net identifiable assets and liabilities of Dunga Operating GmbH at the date of acquisition, finalizing the initial accounting for the business combination. The fair value of Dunga Operating GmbH’s net identifiable assets and liabilities amounted to 156 bln tenge at the acquisition date, a decrease of 10 bln tenge over the provisional value. As a result, depreciation of property, plant, and equipment and corporate income tax from the acquisition date to 31 December 2023, were reduced by 2 bln tenge and 566 mln tenge, respectively. Comparative information for 2023 has been restated to reflect these adjustments. | 2024 | % |
|---|---|---|---|---|
| Dated BrentSource: S&P Global Platts., average | $/bbl | 82.64 | 80.76 | (2.3%) |
| KEBCOSource: S&P Global Platts., average | $/bbl | 81.74 | 80.73 | (1.2%) |
| Exchange rate, average | USD/KZT | 456.21 | 469.31 | 2.9% |
| Exchange rate, end‑of‑period | USD/KZT | 454.56 | 525.11 | 15,5% |
| Revenue | KZT bln | 8,320 | 8,330 | 0.1% |
| Share in profit of JVs and associates, net | KZT bln | 534 | 531 | (0.6%) |
| Net profit | KZT bln | 927 | 1,094 | 18.1% |
| Net profit adjusted for the share in profit of JVs and associatesNet income adjusted for profit share in jointly controlled entities and associated companies = Net income plus dividends received from joint ventures and associated companies, minus the share of profits of jointly controlled enterprises and associated companies. | KZT bln | 1,012 | 1,264 | 24.9% |
| EBITDAEBITDA = Revenue plus Share in profit of JVs and associates, net, minus Cost of purchased oil, gas petroleum products and refining costs minus Production expenses minus General and administrative expenses minus Transportation and Selling expenses minus Taxes other than income tax. | KZT bln | 2,007 | 2,001 | (0.3%) |
| Adjusted EBITDAAdjusted EBITDA = Revenue plus Dividends from JVs and associates, minus Cost of purchased oil, gas petroleum products and refining costs minus Production expenses minus General and administrative expenses minus Transportation and selling expenses minus Taxes other than income tax. | KZT bln | 2,092 | 2,171 | 3.8% |
| Free cash flowFree Cash Flow = Net cash flow from operating activities minus Purchase of property, plant and equipment, intangible assets, investment property and exploration and evaluation assets. Dividends received from JVs and associates are included in cash flow from operating activities. | KZT bln | 984 | 1,199 | 21.8% |
| Gross debtTotal debt at the end of the reporting period = bonds plus loans (short-term and long-term). Guarantees issued are not included in the calculation. | KZT bln | 3,757 | 3,967 | 5.6% |
| Net debtNet debt at the end of the reporting period = bonds plus loans minus cash and cash equivalents minus bank deposits (short-term and long-term). Guarantees issued are not included in the calculation. | KZT bln | 1,645 | 1,163 | (29.3%) |
More detailed information is available in the Financial Statements section.
| Indicator | UoM | 2022 | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|---|
| Revenue and other income | ||||||
| Revenue from contracts with customers | KZT mln | 8,693,081 | 8,319,543 | 8,330,261 | 10,718 | 0.1 |
| Share in profit of joint ventures and associates, net | KZT mln | 991,310 | 534,177 | 531,230 | (2,947) | (0.6) |
| Gain from disposal of subsidiary | KZT mln | ‑ | 186,225 | 16,410 | (169,815) | (91.2) |
| Finance income | KZT mln | 120,603 | ‑ | ‑ | – | – |
| Interest revenue calculated using the effective interest method | KZT mln | ‑ | 139,449 | 184,392 | 44,943 | 32.2 |
| Other finance income | KZT mln | ‑ | 7,332 | 123,290 | 115,958 | 1 581.5 |
| Other operating income | KZT mln | 22,319 | 55,378 | 52,377 | (3,001) | (5.4) |
| Total revenue and other income | KZT mln | 9,827,313 | 9,242,104 | 9,237,960 | (4,144) | 0.0 |
| Costs and expenses | ||||||
| Cost of purchased oil, gas, petroleum products and other materials | KZT mln | (4,960,176) | (4,621,881) | (4,347,011) | 274,870 | (5.9) |
| Production expenses | KZT mln | (1,144,241) | (1,219,722) | (1,398,604) | (178,882) | 14.7 |
| Taxes other than income tax | KZT mln | (677,921) | (594,080) | (592,984) | 1,096 | (0.2) |
| Depreciation. depletion and amortization | KZT mln | (506,900) | (599,543) | (642,666) | (43,123) | 7.2 |
| Transportation and selling expenses | KZT mln | (205,352) | (245,525) | (267,824) | (22,299) | 9.1 |
| General and administrative expenses | KZT mln | (160,479) | (165,897) | (254,148) | (88,251) | 53.2 |
| Impairment of property. plant and equipment. intangible assets. non–current advances for fixed assets and exploration expenses | KZT mln | (19,917) | (248,140) | (69,733) | 178,407 | (71.9) |
| Finance costs | KZT mln | (308,055) | (321,630) | (346,096) | (24,466) | 7.6 |
| Foreign exchange gain. net | KZT mln | 40,089 | 25,222 | 185,459 | 160,237 | 635.3 |
| Excepted credit losses | KZT mln | – | (11,874) | (8,316) | 3,558 | (30.0) |
| Other expenses | KZT mln | (85,424) | (42,564) | (38,703) | 3,861 | (9.1) |
| Total costs and expenses | KZT mln | (8,028,376) | (8,045,634) | (7,780,626) | 265,008 | (3.3) |
| Profit before income tax | KZT mln | 1,798,937 | 1,196,470 | 1,457,334 | 260,864 | 21.8 |
| Income tax expenses | KZT mln | (492,377) | (269,792) | (363,087) | (93,295) | 34.6 |
| Net profit for the year | KZT mln | 1,306,560 | 926,678 | 1,094,247 | 167,569 | 18.1 |
| Net profit/(loss) for the year attributable to | ||||||
| Shareholders of the Parent Company | KZT mln | 1,278,359 | 962,700 | 1,094,438 | 131,738 | 13.7 |
| Non‑controlling interest | KZT mln | 28,201 | (36,022) | (191) | 35,831 | (99.5) |
| KZT mln | 1,306,560 | 926,678 | 1,094,247 | 167,569 | 18.1 |
The indicators and calculation results are presented with rounding. However, precise values without rounding were used for period comparisons. Any potential adjustments related to rounding are not expected to have a material impact on the financial results, according to the Company’s assessment.
Revenue
In 2024, revenue amounted to KZT 8,330 tenge (USD 17,750 mln), reflecting a 0.1% increase compared to 2023. Stable revenue dynamics are driven by several factors, including an increase in crude oil production and transportation volumes. This offset the impact of lower crude oil sales from Kashagan due to maintenance work on raw gas injection compressors and the replacement of the slug catcher, as well as the decline in sales of refined products at KMG International due to the major overhaul at the Petromidia refinery.
Share in profit of joint ventures and associates
The share in profit of joint ventures and associates decreased by 0.6% and amounted to KZT 531 tenge (USD 1,132 mln) mainly due to a decline in profit of Tengizchevroil LLP. The share in profit of Tengizchevroil LLP declined by KZT 37 tenge (USD 80 mln) to KZT 303 tenge (USD 647 mln) due to higher depreciation expenses following the commissioning of facilities under the Wellhead Pressure Management Project. Additionally, the share in profit of KazRosGas LLP declined by 40.7% to 19 bln tenge (USD 41 mln) due to lower gas sales prices, while the share of profit in Mangistaumunaigas JSC decreased by 6.6% to KZT 36 tenge (USD 76 mln) due to lower export oil sales volumes.
Cost of purchased oil, gas, petroleum products and other materials
The cost of purchased oil, gas, petroleum products and other materials decreased by 5.9% in the reporting period, reaching KZT 4,347 tenge (USD 9,263 mln) primarily due to lower oil prices.
Other expenses
Production expenses increased by 14.7%, reaching KZT 1,399 tenge (USD 2,980 mln), primarily due to increased payroll for production personnel in the region of operation (Ozenmunaigas JSC, KazTransOil JSC, Embamunaigas JSC, and Pavlodar refinery). Additionally, the increase was driven by higher expenses for production‑related services, variable costs related to internal logistics, and changes in finished goods and work‑in‑progress.
Transportation and selling expenses for the reporting period amounted to KZT 268 tenge (USD 571 mln), representing a 9.1% increase compared to 2023. This growth was driven by higher loading, transportation, and storage costs at KMG International, and KazMunayGas‑Aero LLP.
General and administrative expenses increased by 53.2% to KZT 254 tenge (USD 542 mln). The increase was primarily driven by the accrual of remuneration to NC “QazaqGaz” JSC, a subsidiary of Samruk‑Kazyna JSC, for trust management services of a 50% stake in KazRosGas LLP, amounting to KZT 53.3 tenge (USD 114 mln). Additionally, the increase was impacted by sponsorship assistance provided to flood victims through the Foundation for development of social projects “Samruk‑Kazyna Trust”, totaling KZT 10.0 tenge in April‑May 2024.
Taxes other than income tax amounted to KZT 593 tenge (USD 1,264 mln). In 2024, KMG International paid a turnover tax of EUR 28.5 mln (equivalent to KZT 14 tenge or USD 31 mln) in accordance with Romania’s Law No. 296/2023mln euro will have to pay an additional 0.5% turnover tax to the corporate income tax for 2024‑2025..
For the year ended 31 December 2024, total payroll amounted to KZT 722 tenge (USD 1,538 mln) and were recognized under production expenses, transportation and selling expenses, and general and administrative expenses in the consolidated statement of comprehensive income.
Financial expenses for 2024 amounted to KZT 346 tenge (USD 737 mln), representing a 7.6% increase compared to 2023. This growth was primarily driven by higher interest expenses on loans and bonds amidst the weakening of tenge vs. the US dollar, as well as a discount on long-term accounts receivable resulting from the difference between the sale price of investment property (its fair value) and the nominal value of the receivable from Samruk-Kazyna JSC, amounting to 9 bln tenge (USD 19 mln)In 2024, the Company sold investment property to Samruk‑Kazyna JSC with a carrying value of 14 bln tenge (USD 26 mln). According to the terms of the purchase and sale agreement, the sales price was 23 bln tenge (USD 44 mln)..
Asset Impairment
In 2024, impairment of property, plant and equipment, intangible assets, non–current advances for fixed assets and exploration expenses amounted to KZT 70 tenge (USD 149 mln). Impairment of long‑term assets totaled 48 bln tenge (USD 102 mln), primarily related to the impairment of the seawater desalination plant and associated infrastructure in Zhanaozen. Impairment of exploration and evaluation assets amounted to KZT 22 tenge (USD 46 mln), mainly driven by the Abai project, which accounted for KZT 18 tenge (USD 38 mln).
Net profit
The Company’s net profit rose by 18.1% compared to 2023, reaching 1,094 bln tenge (USD 2,332 mln). The profit growth was driven by foreign exchange gain, other finance income, and lower Impairment of property, plant and equipment, intangible assets, non—current advances for fixed assets and exploration expenses. The recognition of a change in the fair value of a financial instrument due to its modificationIn 2024, the coupon rate of bonds acquired by Samruk-Kazyna JSC in 2022 increased from 3.00% to 9.30%, leading to a significant modification. The difference between the carrying value and fair value of the bonds to be derecognised as at the date of modification, amounting to KZT 60 bln, was recognised in other financial income. and the derecognitionIn 2024, based on a notification from the Ministry of Energy of the Republic of Kazakhstan regarding the termination of the subsoil use contract for the Zhenis project, the Company derecognised the loan received from Lukoil Kazakhstan Upstream (carry financing) in the amount of KZT 48 bln of loan impacted other finance income.
The net profit, adjusted for the share in profit of joint ventures and associates, increased by 24.9%, from 1,012 bln tenge (USD 2,219 mln) to 1,264 bln tenge (USD 2,694 mln).
Net profit for the reporting period attributable to the shareholders of the parent company amounted to 1,094 bln tenge (USD 2,332 mln).
Capital expenditures
Accrual‑based capital expenditures totaled 716 bln tenge (USD 1,526 mln), reflecting a 10.9% decrease, primarily due to lower capital expenditures at KazTransOil JSC following the completion of the reconstruction and expansion of the Astrakhan‑Mangyshlak main water pipeline.
Cash flow‑based capital expenditures totaled 645 bln tenge (USD 1,374 mln), reflecting a 5.7% decrease. The reduction in capital expenditures on property, plant, and equipment, intangible assets, and exploration and evaluation assets was mainly driven by lower expenditures on the acquisition of exploration and evaluation assets at the Corporate Centre level and reduced spending on property, plant, and equipment at KazTransOil JSC.
EBITDA
In 2024, EBITDA amounted to 2,001 bln tenge (USD 4,264 mln), implying a 0.3% decrease. The dynamics of this indicator were influenced by both positive factors, including the increase in the average USDKZT exchange rate from 456.21 to 469.31 and the consolidation of Dunga, as well as negative factors, such as higher costs for production‑related services and an increase in payroll expenses.
The adjusted EBITDA, which reflects dividends received from joint ventures and associates instead of the share of profit of joint ventures and associates, amounted to 2,171 bln tenge (USD 4,626 mln), reflecting a 3.8% increase.
Given the vertically integrated operations of KMG, we analyse EBITDA broken down by the segments below. We analyse and report segmented information according to IFRS. Segment performance is evaluated based on revenues and net profit. The operating segments of KMG Group are structured and managed in a manner corresponding to the relevant types of products and services and encompass the strategic lines of business for different products and markets. The Company’s operations comprise four main operating segments: oil and gas exploration and production, oil transportation, refining and sales of crude oil and oil products, KMG’s Corporate Centre, etc. (oilfield service companies and other insignificant companies). KMG presents the Corporate Centre’s activities separately, since KMG not only performs the functions of the parent company, but is also involved in operations (processing of crude oil at Atyrau and Pavlodar refineries, and further sale of oil products to both domestic and export markets).
| Segment | UoM | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Oil and gas exploration and production | KZT mln | 1,843,075 | 1,442,479 | 1,491,060 | 48,581 |
| USD mln | 3,999 | 3,162 | 3,177 | 15 | |
| % | 73 | 72 | 74 | 2 pp | |
| Oil Transportation | KZT mln | 238,237 | 199,090 | 219,479 | 20,389 |
| USD mln | 517 | 436 | 468 | 31 | |
| % | 9 | 10 | 11 | 1 pp | |
| Refining and Sales of Crude Oil and Petroleum Products | KZT mln | 456,807 | 397,248 | 371,741 | (25,507) |
| USD mln | 991 | 871 | 792 | (79) | |
| % | 18 | 20 | 19 | (1 pp) | |
| Corporate Centre | KZT mln | 60,570 | (21,397) | (65,614) | (44,217) |
| USD mln | 131 | (47) | (140) | (93) | |
| % | 2 | (1) | (3) | (2 pp) | |
| Other | KZT mln | (39,404) | 8,779 | 2,412 | (6,367) |
| USD mln | (85) | 19 | 5 | (14) | |
| % | (2) | 0 | 0 | 0 pp | |
| Elimination | KZT mln | (23,063) | (19,584) | (18,158) | 1,426 |
| USD mln | (50) | (43) | (39) | 4 | |
| % | (1) | (1) | (1) | 0 pp | |
| EBITDA | KZT mln | 2,536,222 | 2,006,615 | 2,000,920 | (5,695) |
| USD mln | 5,502 | 4,398 | 4,264 | (135) |
Cash flows
| Indicator | UoM | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Net cash flows from operating activities | KZT mln | 1,567,311 | 1,667,614 | 1,843,852 | 176,238 |
| Net cash flows used in investing activities | KZT mln | (2,302,310) | (759,636) | (1,042,955) | (283,319) |
| Net cash flows used in financing activities | KZT mln | 288,071 | (604,362) | (780,560) | (176,198) |
| Effects of exchange rate changes | KZT mln | 65,755 | (15,942) | 145,268 | 161,210 |
| Change in allowance for expected credit losses | KZT mln | 114 | 14 | (27) | (41) |
| Net change in cash and cash equivalents | KZT mln | (381,059) | 287,688 | 165,578 | (122,110) |
| Net change in cash and cash equivalents | USD mln | (827) | 631 | 353 | (278) |
Cash and cash equivalents
As of 31 December 2024, consolidated cash and cash equivalents, including cash held in deposits, increased by 32.8% compared to 31 December 2023, reaching KZT 2,805 tenge. In U.S. dollar terms, the amount was at USD 5,341 mln, having increased by 15.0% compared to 31 December 2023.
| Companies | 2022 | 2023 | 2024 |
|---|---|---|---|
| Tengizchevroil LLP | 451 | 936 | 831 |
| Caspian Pipeline Consortium | 214 | 250 | 226 |
| KazRosGas LLP | 1 | 114 | |
| PETROSUN LLP | 21 | 86 | 104 |
| Mangistaumunaigaz | 200 | 95 | |
| KazGerMunay LLP | 50 | 35 | 50 |
| PetroKazakhstan Inc. | 6 | 6 | 38 |
| Kazakhstan‑China Pipeline LLP | 11 | 5 | 17 |
| Others | 50 | 40 | 19 |
Dividends received
Dividends received from joint ventures and associates amounted to KZT 701 tenge (USD 1,494 mln), having increased by 13.1% compared to 2023. The increase in dividends was primarily driven by a dividend payment from MMG totaling KZT 45 tenge (USD 95 mln) in 2024, as well as a significant increase in dividends from KazRosGaz LLP, which rose to KZT 53 tenge (USD 114 mln) in 2024, compared to 553 mln tenge (USD 1 mln) in 2023. Additionally, dividend payments from PKI increased by 15 bln tenge (USD 32 mln), reaching 18 bln tenge (USD 38 mln).
Dividends paid
In 2024, the Company declared and distributed dividends for 2023 in the amount of 491.71 tenge per share, totaling KZT 300 tenge (USD 639 mln). In 2023, KMG declared and distributed dividends for 2022 in the amount of 491.71 tenge per share, totaling KZT 300 tenge (USD 658 mln).
| Indicators | UoM | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Assets | KZT mln | ||||
| Property, plant and equipment | KZT mln | 6,994,001 | 7,171,242 | 7,834,160 | 662,918 |
| Investments in joint ventures and associates | KZT mln | 4,947,403 | 4,821,427 | 5,378,513 | 557,086 |
| Long‑term bank deposits | KZT mln | 59,229 | 63,891 | 74,329 | 10,438 |
| Other non‑current assets | KZT mln | 1,518,994 | 1,447,504 | 1,641,975 | 194,471 |
| Short‑term bank deposits | KZT mln | 1,178,138 | 997,012 | 1,513,816 | 516,804 |
| Cash and cash equivalents | KZT mln | 763,185 | 1,050,873 | 1,216,451 | 165,578 |
| Other current assets | KZT mln | 1,195,481 | 1,388,972 | 1,274,898 | (114,074) |
| Assets classified as held for sale | KZT mln | 459 | 180 | 505 | 325 |
| Total assets | KZT mln | 16,656,890 | 16,941,101 | 18,934,647 | 1,993,546 |
| Total assets | USD mln | 36,003 | 37,269 | 36,058 | (1,211) |
| Equity and liabilities | |||||
| Total equity | KZT mln | 9,867,426 | 10,396,614 | 11,924,284 | 1,527,670 |
| Total equity | USD mln | 21,328 | 22,872 | 22,708 | (164) |
| Liabilities | |||||
| Long‑term loans | KZT mln | 3,784,897 | 3,365,736 | 3,644,111 | 278,375 |
| Other long‑term liabilities | KZT mln | 1,398,372 | 1,644,533 | 1,922,569 | 278,036 |
| Short‑term loans | KZT mln | 369,489 | 391,358 | 323,290 | (68,068) |
| Other short‑term liabilities | KZT mln | 1,236,706 | 1,142,860 | 1,120,393 | (22,467) |
| Total liabilities | KZT mln | 6,789,464 | 6,544,487 | 7,010,363 | 465,876 |
| Total liabilities | USD mln | 14,675 | 14,397 | 13,350 | (1,047) |
| Total equity and liabilities | KZT mln | 16,656,890 | 16,941,101 | 18,934,647 | 1,993,546 |
| Total equity and liabilities | USD mln | 36,003 | 37,269 | 36,058 | (1,211) |
Debt management
KMG’s total debt is represented by bonds and loans. The debt portfolio is mainly denominated in US dollars – the currency of principal incomes. Accordingly, the “organic” hedging effect of FX risk is achieved without the need to use derivatives.
Gross debt
KMG’s total debt is primarily denominated in U.S. dollars (75% as of 31 December 2024). During the reporting period, the Company reduced debt in U.S. dollar terms by 8.6% to USD 7,555 mln compared to 31 December 2023. In tenge terms, total debt amounted to 3,967 bln tenge, reflecting a 5.6% increase from 31 December 2023. This growth in tenge was driven by exchange rate fluctuations during the reporting period, as well as an increase in the coupon rate from 3% to 9.3% on bonds issued by KMG to Samruk‑Kazyna JSC in 2022.
On 12 September 2024, the Company made a partial early redemption of its 2027‑maturity bonds in the amount of USD 750 mln (equivalent to 358 bln tenge).
Loans decreased by 4.4% to 679 bln tenge (USD 1,294 mln) as of 31 December 2024, reflecting full and partial repayments of loans by Atyrau Refinery, Pavlodar Refinery, and KMG International. KMG International partially repaid a syndicated loan for the amount of USD 72 mln (equivalent to 34 bln tenge). KMG International repaid a loan from ING Bank NV for the amount of USD 29 mln (equivalent to 14 bln tenge). Atyrau Refinery and Pavlodar Refinery partially repaid a loan from the Development Bank of Kazakhstan for the amount of 47 bln tenge. Atyrau Refinery and KazTransOil JSC partially repaid a loan from Halyk Bank of Kazakhstan JSC for the amount of 21 bln tenge.
In 2024, KMG International, under existing credit lines, obtained a loan from Bank of Tokyo‑Mitsubishi UFJ, Ltd. totaling USD 36 mln (equivalent to 17 bln tenge) for working capital funding. In 2024, KazGPZ LLP received the first tranche from Halyk Bank of Kazakhstan JSC totaling KZT 48 bln as part of a credit line agreement signed in 2022 for the construction of a Gas Processing Plant.
In 2024, following a notification from the Ministry of Energy of the Republic of Kazakhstan regarding the termination of the subsoil use contract for the Zhenis project, the Company ceased recognition of the loan received from Lukoil Kazakhstan Upstream (carry financing) in the amount of 48 bln tenge.
Net debt
As of 31 December 2024, net debt amounted to 1,163 bln tenge (USD 2,214 mln), representing a 29.3% decrease in tenge terms and a 38.8% decrease in U.S. dollar terms compared to 31 December 2023.
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2035 | 2047 | 2048 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bonds | 13 | 16 | 266 | 16 | 16 | 1,266 | 16 | 16 | 760 | 1,431 | 1,250 | 1,500 |
| Loans | 191 | 72 | 33 | 27 | 33 | 33 | 33 | 27 | 6 |
