Samruk Kazyna Sovereign Wealth Fund’s Net Profit Exceeds $4 Billion in 2023

ASTANA – In 2023, net profit of the Samruk Kazyna Sovereign Wealth Fund reached 1.9 trillion tenge (US$4.25 billion) according to preliminary calculations, said Samruk Kazyna Chairman Nurlan Zhakupov at a Jan. 24 public council meeting, reported the fund’s press service.

Photo credit: Samruk Kazyna.

“In 2022 the average oil price was 99$ per barrel, and in 2023 it was 81$, which means that the price of oil tightened up by almost 20%. Also, amid growing domestic demand, the volume of gas exports has decreased. At the same time, gas prices on the internal market are much lower than export prices. We have achieved the results comparable to 2022 in terms of net profit owing to effective liquidity management and treasury portfolio,” he said.

According to Zhakupov, the holding has adopted a unified policy for managing free cash in national companies, negotiated with banks and improved the conditions for placing the fund’s money. The holding more than doubled the target for profitability in terms of free liquidity.

The fund paid a record number of dividends worth 238 billion tenge (US$532 million) to the state this year.

The meeting was attended by nearly 40 people, including fund managers, deputies of Parliament, public and government figures, financial experts, and others.

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