Samruk Kazyna announces H1 2011 performance results

H1 2011 income of the 10 largest national companies within Samruk Kazyna Sovereign Wealth Fund exceeded $13.6 million, 14% over the plan and 22% up against the like period of 2010, Bnews.kz quoted the Fund’s Press Service. “Exceeding the plan can be attributed to strong performance of some companies and growing prices for hydrocarbons”, the statement reads. According to the Press Service, H1 2011 consolidated net profit of Samruk Kazyna (exclusive the Fund’s shares in banks) made up $3billion, 46% up against the same period of 2010. “For the period under review, the Fund’s companies produced a total of 10.67 million tons of oil and condensed gas and processed 7.4 million tons of crude”, according to the statement. Electric power generation made up 9 282 kilowatt-hours, 3% up against the like period of 2010. The number of passengers totaled 1 355 000 people, 19% up against the respective period of 2010. The number of KazakhTelecom broadband Internet subscribers grew to 862 000, 36% up. Samruk-Kazyna is a joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana, and numerous financial groups. The state is the sole shareholder of the fund.