National Atomic Company Kazatomprom JSC (KZAP) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 reached Tenge 1,138,853 million, up 32% year-over-year, driven by a 38% increase in average uranium selling prices despite a 5% decrease in sales volumes.

• Net profit for the nine months was Tenge 744,673 million, a 147% increase compared to the same period in 2023, boosted by a Tenge 295,719 million gain from the consolidation of JV Budenovskoe LLP.

• The Group obtained control over JV Budenovskoe LLP, adding significant uranium reserves and contributing to profit and asset growth.

• The Group maintained strong liquidity, with cash and cash equivalents at Tenge 238,086 million as of 30 September 2024.

• Dividends of Tenge 314,649 million were declared and paid to shareholders during the period.

Financial highlights

• Gross profit for the nine months was Tenge 446,032 million, up 14% year-over-year.

• Earnings per share for the nine months rose to Tenge 2,332 from Tenge 899 year-over-year.

• Total assets increased to Tenge 3,331,448 million from Tenge 2,599,292 million at year-end 2023, mainly due to the JV Budenovskoe LLP consolidation.

• Equity attributable to shareholders grew to Tenge 1,819,114 million, with total equity at Tenge 2,631,280 million.

• Book value per share rose to Tenge 9,912 from Tenge 7,511 at year-end 2023.

Outlook and guidance

• Management continues to monitor the impact of anti-Russian sanctions, with no current restrictions on product supply or operations.

• The Inkai 3 project entered pilot production in June 2024, with a four-year approval for up to 701 tU.

• The Group expects continued volatility in exchange rates and commodity prices, with ongoing risk management measures in place.