Net profit of KazMunayGas down by 37%

Net profit of KazMunayGas (KMG), Kazakhstan's national oil and gas company, including share in income of joint ventures and associates amounted to 492 billion tenges ($1,088 million), 36.6% less than in 2022, reads the company’s report on financial results for the first half of 2023, Report informs.

KMG’s revenue amounted to 3,943 billion tenges ($8,726 million), 15.1% less than in 2022.

Free cash flow amounted to 217 billion tenges ($481 million), 61.9% less on yearly comparison.

The company’s gross debt as of 30 June 2023 amounted to 3,977 billion tenges ($8,788 million), 4% less than in 2022, while net debt was at 2,255 billion tenges ($4,983 million).

KazMunayGas is Kazakhstan's leading vertically integrated oil and gas company, operating assets across the entire production cycle from the exploration and production of hydrocarbons to transportation, refining and specialised services. Established in 2002, the Company represents the government’s interests in the national oil and gas industry.