02:50 GMT +317 November 2019
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    KazMunaiGaz Increases Net Profit 73 Percent Over Six Months - to $1.6Bln

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    ALMA-ATA (Sputnik) KazMunaiGaz, a state-owned Kazakhstani oil company, received a net income of 622 billion tenge ($1.641 billion) between January and June 2019, which is 73 percent higher than that of the same period last year, the company reports.

    According to the press release, the income over the first six months of 2019 was 3.403 trillion tenge ($8.971 billion), which is 1.4 percent higher than that of the first six months of 2018.

    "Increasing the production of the export gas and tenge's weakening against the US dollar were the main factors that positively influenced the profit dynamics", the message reads.

    Workers carry out maintenance at an oil well on oil fields operated by a subsidiary of the KazMunayGas Exploration Production JSC in Kyzylorda region, southern Kazakhstan, January 21, 2016
    © REUTERS / Shamil Zhumatov
    Workers carry out maintenance at an oil well on oil fields operated by a subsidiary of the KazMunayGas Exploration Production JSC in Kyzylorda region, southern Kazakhstan, January 21, 2016

    The company's operating revenue over the first six months of 2019 was 399 billion tenge ($1.053 billion), which is 38.2 percent higher than that of 2018.

    Over a period of the first six months of 2019, KazMunaiGaz's capital spending was 167 billion tenge ($440 million), which is 5.8 percent lower than that of the same period of 2018. According to the company's data, the decrease is related to the completion of upgrading the Kazakhstani oil refineries.

    Tags:
    KazMunaiGaz, gas, gas, Kazakhstan
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