Kazmunaygas Doubles Y-O-Y Profit In 1Q2024
(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 3. Kazakhstan's leadingoil and gas company, KazMunayGas (KMG), recorded a net profit of201 billion tenge ($446 million) in 1Q2024, Trend reports.
According to the company's latest financial statement, thismarked a significant surge year-on-year from 96 billion tenge ($210million).
Moreover, KMG reported a notable improvement in its free cashflow, a crucial indicator of financial health. The company's freecash flow amounted to 144 billion tenge ($320 million) in 1Q2024,compared to a deficit of minus 53 billion tenge (minus $116million) in the same period last year.
On the debt front, KMG disclosed its total debt as of March 31,2024, standing at 3.971 trillion tenge ($8.889 billion), reflectinga modest increase from the figure reported at the end of December2023, which was 3.757 trillion tenge ($8.265 billion).
Furthermore, the company's net debt as of March 31, 2024,amounted to 1,748 trillion tenge ($3.912 billion), compared to1.645 trillion tenge ($3.620 billion) at the end of December2023.
Meanwhile, the volume of sales of KazMunayGas' own-produced oiland gas condensate in 1Q2024 amounted to 6.124 million tons. Thismarked an increase of 3.2 percent compared to the same period lastyear.
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