Government predicts decline in national companies dividend payouts

Dividends for securities controlled by the government are expected at $414 million next year, which is $61 million less than the authorities expect to gain this year, according to the law on the state budget for 2024–2026.

The document prepared and published for public consideration by the Ministry of Finance says that all these figures were based on data received from authorized agencies, which control public securities. In 2025, the government is expecting dividend payouts of $409 million and $410 million in 2026.

In addition, the government is expecting to gain $22 million from its stakes in different public enterprises next year, which is $9.8 million higher than the authorities want to gain this year.

In July, the government suggested ruling out the national fund of Samruk Kazyna from the list of national holdings which subsidiaries are obliged to transfer 50% of their revenue to the state in the form of dividend payouts. If this initiative is adopted, national companies won’t make dividend payouts for the year 2023.

The government adopted the rule requiring public companies to pay dividends on the government’s stakes in securities and entities in March 2020, when President Kassym-Jomart Tokayev ordered the cabinet to ensure that national companies pay up to 100% of their revenue in the form of dividends. However, as the definition «up to 100%» isn’t decisive, it allows you to pay nothing. This means that all companies meet the requirement on paper.

The Samruk Kazyna holding includes several big companies such as KazMunayGas, Kazakhstan Railways, KazTransOil, KEGOC, Air Astana and QazaqGaz.