Kazatomprom Reports 25% Revenue Growth in First Half of This Year

The company’s revenue increased by 25% compared to the same period in 2022. It reached almost 619 billion tenge (US$1.3 billion), leading to an increase in operating profit by 46% and a nearly 33% increase in net profit to 222 billion tenge (US$477.4 million).

Kazatomprom National Atomic Company, the world’s largest uranium producer, released its consolidated financial results for the first half-year, prepared following International Financial Reporting Standards (IFRS), reported the company’s press service on Aug. 25.

The company’s revenue increased by 25% compared to the same period in 2022. It reached almost 619 billion tenge (US$1.3 billion), leading to an increase in operating profit by 46% and a nearly 33% increase in net profit to 222 billion tenge (US$477.4 million).

“This is mainly due to an increase in uranium prices as well as in the sales volume associated with changes in the timing of customer requests for supply and corresponding differences in delivery schedules in the first half of this and previous years,” said chair of Kazatomprom Yerzhan Mukanov.

According to Mukanov, given the steady improvement in the dynamics of supply and demand, Kazatomprom, as before, plans to increase production volumes in 2024 per market fundamentals and expansion of the contract portfolio.

“Kazatomprom will continue to take an active part in the cycle of mid and long-term contract activity against anticipated growing demand for nuclear fuel, backed by our now-proven commitment to creating long-term value for our stakeholders by maintaining flexibility and discipline in production and sales,” said Kazatomprom Chief Commercial Officer Dastan Kosherbayev.

In the first half of the year, Kazatomprom received a certificate of state registration of a new entity Taiqonyr Qyshqyl Zauyty, aimed to implement a project for the construction of a sulfuric acid plant in the Sozak district of the Turkistan Region.

The company witnessed a significant increase in selling expenses totaling 13.5 million tenge (US$29,080) due to increased transportation tariffs.

General and administrative expenses reached 32.1 million tenge (US$69,215), including 11.3 million tenge (US$24,425) paid to the national budget for the unaccounted volume of extracted uranium by the Ortalyk mining company.