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KazMunayGas reports strong financial performance in 1Q2024

BAKU, Azerbaijan, May 27. KazMunayGas (KMG), Kazakhstan's national oil and gas company, revealed its key financial indicators for 1Q2024, showcasing robust growth, TurkicWorld reports.

As such, according to the data released by KMG, the company's revenue surged to an impressive 2.227 trillion tenge ($4.948 billion), marking a significant increase of 18 percent compared to the same period last year, where revenue stood at 1.887 trillion tenge ($4.149 billion).

Moreover, KMG's earnings before interest, taxes, depreciation, and amortization (EBITDA) remained strong, reaching 548 billion tenge ($1.218 billion) for 1Q2024. However, this figure represents a slight decrease from the EBITDA of 550 billion tenge ($1.210 billion), reported in the corresponding period of 2023.

Furthermore, the company's net profit, inclusive of its share of profit in jointly controlled entities and associated companies, in the reporting period of 2024 amounted to 300 billion tenge ($667 million) - up by over 4 percent year-on-year (287 billion tenge, or $631 million, in 1Q2023).

Meanwhile, the volume of sales of KazMunayGas' own-produced oil and gas condensate in 1Q2024 amounted to 6.124 million tons. This marked an increase of 3.2 percent compared to the same period last year.

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