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 email@example.com
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