KazMunayGas emerges as Kazakhstan’s most valuable company

KazMunayGas (KMG), the national oil company of Kazakhstan, has become the largest company in Kazakhstan by market capitalization, surpassing fintech giant Kaspi.kz, which has moved to second place, according to the Qazaq Association of Minority Shareholders (QAMS), which first noted this shift.

Since the beginning of the year, KMG’s market capitalization has surged by 15%, reaching $19.7 billion, according to the Kazakhstan Stock Exchange (KASE). Over the same period, shares of the previous leader, Kaspi.kz, have declined by 16.7%, with its current market capitalization standing at approximately $16.7 billion, about $3 billion behind KMG.

Furthermore, the country’s top four publicly traded companies include Kazatomprom, the world’s largest uranium producer, with a market cap of $11.2 billion and Halyk Bank, which ranks fourth at $6.5 billion. The two companies have reported share price increases of 11.7% and 15%, respectively, since Jan. 1.

QAMS also noted that securities of Bank CenterCredit (BCC) have shown explosive growth since the start of the year, with the bank’s market capitalization nearing that of mobile operator Kcell — $1.1 billion versus $1.3 billion. This followed a 2.6% decline in Kcell’s share price, while BCC’s shares have soared by 47.3% since the beginning of the year.

Notably, last week Kazakhstani brokerage company BCC Invest raised its valuation of KazMunayGas (KMG) shares following the company’s Q1 2025 financial results, increasing the target price to approximately $35 per share and issuing a buy recommendation.