Joint Stock Company "National Company "KazMunayGas" (KMGZ) Q4 2024 earnings summary

Executive summary

• Revenue for FY2024 was $17.8 billion (8,330 bln tenge), down 2.7% or up 0.1% YoY depending on reporting, with EBITDA at $4.3 billion, down 3.1% YoY.

• Net profit increased 18.1% to KZT 1,094 billion (USD 2,332 million), with free cash flow rising 18.4%–21.8% to $2.6 billion.

• Oil and gas condensate production grew 1.3% to 23.8 million tonnes; oil transportation volumes rose 3.9% to 83.5 million tonnes.

• Major operational milestones included new drilling, FEED for Kalamkas-Sea, expansion of the Trans-Caspian route, and new management board appointment.

• Credit ratings were upgraded/affirmed: Moody’s to Baa1 (Stable), Fitch at BBB (Stable), matching Kazakhstan’s sovereign rating.

Financial highlights

• Revenue: $17,750 million (-2.7% YoY); EBITDA: $4,264 million (-3.1% YoY); Net profit: KZT 1,094 billion (+18.1% YoY).

• Free cash flow: $2,555 million (+18.4%–21.8% YoY); CAPEX (cash): $1,374 million (-8.3% YoY).

• Gross debt at $7,555 million (up 5.6% YoY); net debt down 29.3%–38.8% to $2,214 million.

• Dividends paid for 2023 totaled KZT 300 billion (491.71 tenge per share).

• Consolidated cash and equivalents at year-end: $5,341 million, up 32.8%.

Outlook and guidance

• Ongoing ramp-up at the Third Generation Plant under the Future Growth Project, targeting full design capacity.

• Low-Carbon Development Program aims for 15% GHG reduction by 2031 and 64% by 2060.

• Expansion of oil transit through the BTC pipeline to 2.2 million tonnes per year agreed with SOCAR.

• Strategic focus on decarbonization, renewables, and petrochemical expansion, including hybrid power and polyethylene plants.