Breaking News


Kazakh Wealth Fund Profit Grew 13% in 2011, Excluding Banks

Kazakhstan’s sovereign wealth fund Samruk-Kazyna (SKKZ) increased profit 13 percent last year, not including the banks in which it holds stakes.

Net income rose to 594 billion tenge ($4 billion) from 526 billion tenge in 2010, the fund said in a statement distributed today to reporters in the capital, Astana.

Samruk-Kazyna owns the Kazakh government’s holdings in companies such as oil and gas producer KazMunaiGaz National Corp., railway monopoly Kazakhstan Temir Zholy and nuclear company Kazatomprom. The fund also controls stakes in failed lenders including BTA Bank, which is now seeking its second restructuring in as many years.

Consolidated profit will probably reach 736.3 billion tenge by 2015 under a “moderate” oil-price forecast, the fund said in its Twitter Inc. account, citing Nurlan Rakhmetov, a board member. Samruk-Kazyna’ now holds 13 trillion tenge of assets, according to Rakhmetov.

The combined revenue of the group of companies controlled by the fund accounted for 23 percent of Kazakh gross domestic product from 2008 to 2010, he said.

To contact the reporter on this story: Svetlana Antoncheva in Astana, Kazakhstan at

To contact the editors responsible for this story: Paul Abelsky at; Hellmuth Tromm at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.