KazTransOil reports record low earnings

KazTransOil (KTO), a subsidiary of the national oil company KazMunayGas, reported a 60.9% drop in its consolidated net profit.

«In 2022, the consolidated net profit of KTO was about $44.9 million, a 60.9% decline compared to 2021,» the company said in a statement.

Nevertheless, the consolidated earnings of the company reached $580.2 million in 2022, a 7.3% increase over the year before.

Earnings of KTO itself reached $418.5 million last year, a 1.3% decline over the same period of 2021.

In 2022, KTO’s net profit dropped by 78.3% to $19 million compared to 2021.

KazMunayGas controls 90% of KTO shares, while 10% are owned by minority shareholders. In 2012, a small portion of the company’s shares was offered to retail investors in part of the so-called People’s IPO on the Kazakhstan Stock Exchange.