Samruk-Kazyna, Kazakhstan’s state-owned investment and development fund, reported a net profit of 1.795 trillion tenge (approximately $3.8 billion) in 2024, according to its CEO Nurlan Zhakupov. The fund projects a decline in net profit to nearly $2.8 billion in 2025. For comparison, in 2023, it reported a net profit of approximately $3.7 billion.
Samruk-Kazyna’s revenue totaled nearly $37 billion in 2024, up from approximately $34 billion in 2023. However, revenue for 2025 is expected to decrease to $33.6 billion. Meanwhile, the fund’s debt continues to rise, climbing from $17 billion in 2023 to $19 billion in 2024, with an estimated $20 billion in 2025.
«The upcoming plans include an IPO for Kazakhstan Temir Zholy, the national railway operator, QazaqGaz, the national gas company, and other entities. Additionally, as part of efforts to reduce state participation in the economy, the managing board has decided to streamline the fund’s structure and submit a proposal to the board of directors to liquidate Samruk-Kazyna Business Service LLP. The liquidation will proceed in compliance with legal requirements and the established timeframe,» Zhakupov said.
According to its website, Samruk-Kazyna Business Service has operated as a common service center for the state holding since July 2020.
Previously, media reports indicated that Samruk-Kazyna’s consolidated net profit in 2023 declined by 10.3% to approximately $4.6 billion, while revenue reached $34 billion, marking a 4.1% increase year-on-year. In January 2024, Zhakupov stated that, based on preliminary data, the fund’s 2023 net profit was around $4 billion.
