KazMunayGas (KMG), Kazakhstan’s national oil and gas company, reported a net profit of 193 billion tenge ($377 million) in Q1 2025, marking a 36% year-on-year (YoY) decline, according to the company’s latest financial report.
«The decline in net profit was primarily due to a reduction in other finance income, higher depreciation expenses, as well as foreign exchange losses, and impairment of property, plant and equipment and exploration expenses,» KMG said in the document.
Adjusted net profit — which factors in dividends from joint ventures while excluding their share of profit — reached 164 billion tenge ($321 million), down 18.6% YoY.
KMG’s revenue increased by 0.6%, reaching approximately 2.2 trillion tenge ($4.3 billion), despite a decline in oil exports and a drop in oil prices. The growth was supported by higher processing volumes and increased revenue from subsidiaries. Meanwhile, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) amounted to 582 billion tenge ($1.14 billion), up 6.2% YoY.
The company’s free cash flow surged 96.4% to 283 billion tenge ($555 million), driven by increases in operational cash flows and dividends. Meanwhile, gross debt — comprising bonds and loans but excluding monetary funds and deposits — stood at 933 billion tenge ($1.8 billion), marking a 19.7% decline. Total gross debt (bonds and loans) amounted to 3.9 trillion tenge ($7.7 billion).
KMG received 156 billion tenge ($307 million) in dividends from joint ventures and associated companies, marking a 158.3% year-on-year increase. Tengizchevroil, a joint venture with Chevron, accounted for a significant portion of that amount.
KMG’s stock is primarily held by the state-owned Samruk-Kazyna (67.82%), the Ministry of Finance (20%) and the National Bank (9.58%), with the remaining shares freely traded on the market.
