National Atomic Company Kazatomprom JSC (KZAP) Q4 2024 earnings summary

Executive summary

• 2024 revenue grew 26% to over KZT 1.8 trillion, driven by strong uranium prices and robust demand.

• Adjusted net profit rose 38% year-over-year to nearly KZT 577 billion; net profit surged 95% to KZT 1,132 billion, reflecting one-time gains.

• Updated 2025–2034 strategy focuses on "Value over Volume," resource base replenishment, and expansion into rare and rare earth metals.

• ESG achievements include a higher S&P Global CSA score and inclusion in TIME's Top 500 "World's Best Companies – Sustainable Growth."

Financial highlights

• Group consolidated revenue: KZT 1,813 billion (+26% vs. 2023).

• Operating profit: KZT 807 billion (+19%); Adjusted EBITDA: KZT 1,097 billion (+32%).

• Net profit: KZT 1,132 billion (+95%); Adjusted net profit: KZT 577 billion (+38%).

• Earnings per share: KZT 3,363 (+108%).

• Cash and equivalents at year-end: KZT 294 billion (+39%).

Outlook and guidance

• 2025 production guidance: 25,000–26,500 tU (100% basis), 13,000–14,000 tU (attributable).

• Group sales volume expected at 17,500–18,500 tU; KAP sales at 14,000–15,000 tU.

• Revenue guidance: KZT 1,600–1,700 billion; C1 cash cost: $16.50–$18.00/lb; AISC: $29.00–$30.50/lb.

• Capital expenditures projected at KZT 385–415 billion, up from KZT 318 billion in 2024.