Kazatomprom doubles its annual revenue

Last year, Kazatomprom earned $3.1 billion as its revenue grew twice as fast (43%) as the price of uranium (about 20%). In 2023, the company showed «incredible financial resilience,» Kazatomprom said in a statement.

The company reported operating income of $1.5 million (+49% year-on-year), while its net income reached $1.2 million (+23% year-on-year) thanks to an increase in operating income. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for Kazatomprom was $1.8 million (+31%). The cost of raw materials grew by 39%, reaching $807,940 in 2023, while costs related to selling products were $62,149.

«In 2023, there was high volatility on the global uranium market because of geopolitical uncertainty and the focus on transitioning to clean energy,» Chairman of the Board of Kazatomprom Meirzhan Yussupov said.

The company also highlighted that despite volatility in the global uranium market, the demand for nuclear energy (a stable low-carbon energy source as the company describes it) has significantly risen. This indicates that uranium will play an important role in the sustainable development goals. Kazakhstan accounts for about 40% of the world’s uranium production, a crucial material for nuclear power plants worldwide.

«Even though some uranium producers including Kazatomprom have decided to restart their old production sites or launch new ones by the middle of the 2020s, this wouldn’t be enough to cover the global demand after 2030,» the company noted.

In 2023, Kazatomprom reported no industrial failures on its production sites and just four incidents with no casualties.

In early February 2024, the company reported an increase in sales by 10% to 18,100 tons (consolidated) despite a 2% decline in production to 11,200 tons.