KazMunayGas to pay record-high dividends for 2024

KazMunayGas (KMG), the national oil company in Kazakhstan, plans to pay 350 billion tenge (about $702 million at the current exchange rate, USD1 = KZT498.34) in dividends for 2024, marking a 16.6% increase compared to the previous year and the highest figure in the company’s history. KMG CEO Askhat Khassenov announced this during a meeting with members of parliament.

«The company paid record-breaking dividends of 300 billion tenge (about $602 million) for both 2022 and 2023. The current plan is to pay 350 billion tenge in dividends for 2024,» Khassenov said.

In late June 2023, KMG paid 300 billion tenge in dividends to its shareholders from a net profit of 960 billion tenge (about $1.92 billion). The dividend per common share was 491.71 tenge (about $0.98). In 2022, the company paid the same amount in dividends from a net profit of 1.28 trillion tenge (about $2.56 billion).

«The Samruk Kazyna National Welfare Fund wants us to boost dividend payouts,» the CEO of KMG said in response to inquiries from MPs.

Over the first nine months of 2024, the company reported 867 billion tenge ($1.7 billion) in net profit, reflecting a 9.5% decline compared to the same period last year.

KMG’s shareholders include the Samruk Kazyna National Welfare Fund (67.42%), the Ministry of Finance (20%), the National Bank (9.58%) and minority shareholders, who own the remaining 18.3 million shares (3%). These shares were acquired at 8,406 tenge ($16.86) per share during KMG’s initial public offering (IPO) on the Kazakhstan Stock Exchange (KASE) and Astana International Exchange (AIX) in 2022. At the time of publication, the company’s share price was 13,150 tenge ($26.38), down from 13,800 tenge ($27.70) in early September.