Samruk-Kazyna reports a 7.5% share in the national GDP
There is a message circulating online claiming that «26 national companies, including Samruk-Kazyna, Kazakhstan Temir Zholy (KTZ), KazMunayGas, Kazatomprom, and many others, have accumulated almost 30% of Kazakhstan’s GDP in the form of assets.»
Although Nurlan Zhakupov, chairman of the board of Samruk-Kazyna, already addressed the fund’s share of GDP at a media briefing on June 12, let’s once again bust the myth that Samruk-Kazyna accounts for a disproportionately large part of the country’s GDP.
A significant contribution to the national economy
The fund’s share of the national gross domestic product is 7.5%. This figure represents added value — not total income — meaning the actual value it creates in the economy. For comparison, small and medium-sized businesses account for 38% of the country’s GDP.
At the same time, the total amount of all payments made by the fund in 2024 accounted for 17% of total state budget revenues. Moreover, payments from the fund to the budget have shown a positive trend year after year.
Let’s repeat that clearly: Samruk-Kazyna’s share of GDP is 7.5%, while it contributes 17% of all state budget revenues. That’s more than twice its share in the national economy.
Let’s get back to the definition
GDP is the total value of all goods and services produced in a country over a given period. It’s important to understand that GDP does not include all revenue, but rather the value actually added to the economy.
In 2024, the fund’s total revenue amounted to 16.4 trillion tenge ($31.5 billion). This revenue is used to pay for goods, works and services provided by suppliers, which means that portion is not included in the fund’s GDP contribution. What counts toward GDP is the difference between income and expenses — that is, the net added value.
Additionally, Samruk-Kazyna implements a number of investment projects, which are also counted in GDP. These projects often attract foreign investment, further increasing the fund’s contribution to the national economy.
As a result, the gross added value of the fund in 2024 was 10 trillion tenge, or 7.5% of Kazakhstan’s total GDP of 134 trillion tenge.
It’s essential to understand that a company’s assets and GDP are fundamentally different economic indicators, and they should not be directly compared. Assets are an accumulated resource — they don’t reflect how much value was created in a specific year. GDP is a flow indicator, and a company’s contribution to it is measured by added value, not by assets or balance sheet totals.
How the fund’s profit is formed
There’s a common misconception that the profit of national companies is formed mainly through financial or non-operating income. However, a simple fact-check shows this is untrue.
An analysis of consolidated financial statements demonstrates that the fund’s companies maintain stable operating profitability, earning revenue primarily from core business operations.
As of the end of 2024, gross profitability stood at:
- 24.2% — for the entire group of companies;
- 20.2% — for KazMunayGas;
- 48.6% — for Kazatomprom;
- 25.1% — for KTZ.
Furthermore, the fund’s key subsidiaries maintain stable operating margin and EBITDA margin indicators, confirming the effectiveness of their core businesses (excluding revaluations and exchange rate fluctuations).
EBITDA margin or operating margin, key indicators of operational efficiency, reached 60% for Kazatomprom, 28% for KTZ and 24% for KazMunayGas.
These figures are in line with or exceed industry benchmarks. They clearly show that national companies are not just staying afloat, but are actively creating market value and profitability in their sectors. Financial income and currency revaluations, where present, are not the main profit drivers — they only supplement the overall results.
In 2024, the group’s net profit reached 2.4 trillion tenge, marking a 39% increase compared to 2023, despite declining oil prices and uncertainty in the global economy. Between 2021 and 2024, the group recorded an average annual growth of 12% in income, 7% in EBITDA and 13% in net profit.
It is worth noting that all calculations regarding Samruk-Kazyna’s contribution to Kazakhstan’s economy are based on official financial statements, which are publicly available on the websites of the fund and its subsidiaries. This ensures transparency for experts and the general public alike.
