KazMunayGas (KMG), Kazakhstan’s leading oil and gas company, recorded a net profit of KZT 550bn ($1.1bn) for 1H24, according to its latest financial statement. This represents a y/y increase from the KZT 488bn ($1bn) recorded during the same period in 2023.
The company also reported a significant rise in its free cash flow, reaching KZT 604bn ($1.2bn) in 1H2024, up from KZT 217bn ($448.8mn) in 1H23. This improvement highlights the company’s enhanced financial stability.
As of June 30, KMG’s total debt stood at KZT 4 trillion ($8.3bn), showing a modest increase from KZT 3.8 trillion ($8.3bn) reported at the end of December 2023. Despite this rise, the company’s net debt decreased to KZT 1.573 trillion ($3.3bn) as of June 30, 2024, down from KZT 1.6 trillion ($3.6bn) at the close of the previous year.
During the first six months of 2024, KazMunayGas sold over 12 mn tons of its own produced oil and gas condensate, with 65.4% of this volume being exported. The overall sales volume registered a slight decline of 0.4% compared to the same period in 2023.
