Kazatomprom, the world’s largest uranium producer, earned $2.2 billion in net profit last year. This marks a 95% increase compared to 2023, when the company reported $1.1 billion in revenue, according to its financial statement.
More than a quarter of that sum — $598.6 million — came as net profit from obtaining control over the Kazakh-Russian Budenovskoye joint venture through Kazatomprom’s representatives in the venture’s supervisory council and the majority of votes. However, Kazatomprom’s 51% share in the joint venture remained unchanged.
The increase in uranium oxide prices contributed to strong financial results across many of Kazatomprom’s subsidiaries, which was another key driver of the company’s surging net revenue. In 2024, the average uranium price reached $170 per kilogram, 30% higher than in 2023. This growth was fueled by rising spot prices for uranium.
The report also noted that Kazatomprom’s sales volume exceeded its 2024 forecast, driven by increased physical deliveries as more clients requested higher shipments within existing agreements and adjustments from previous periods. However, sales-related costs fell to $52.6 million, down 9% from $58.1 million in 2023. The uranium producer attributed this decline to shrinking sales volumes and changing transportation routes.
As of January 1, 2025, Kazatomprom was controlled by Samruk-Kazyna (62.99%) and the Ministry of Finance (12.01%), while Citibank served as the nominal holder of an additional 24.32%, according to the Kazakhstan Stock Exchange.
