Last year, the construction company 'KazStroyService', part-owned by businessman Timur Kulibayev through LLP 'Joint Technologies', reported a loss increase of 62.7% – to 3.7 billion tenge. This was revealed in the company's consolidated report published in the financial reporting depository.
According to Kursiv.media, the key factor behind the decline was a sharp drop in revenue from contracts with customers. The figure fell fivefold — from 45.2 billion tenge to 9.2 billion tenge. At the same time, the cost of sales amounted to 10.2 billion tenge, leading the company to a gross loss of 1 billion tenge.
Despite having branches abroad — in Thailand, Saudi Arabia, India, and Russia — all revenue in 2024 was generated solely in the domestic market of Kazakhstan. However, even here, turnover fell almost 3.5 times: from 31.6 billion tenge to 9.2 billion tenge.
For comparison: in 2023, the company earned revenue from foreign operations amounting to 11.2 billion tenge in Thailand, 2.1 billion tenge in India, and 242.6 million tenge in Russia. Total foreign revenue stood at 13.5 billion tenge.
It has emerged that until 21 May 2025, the shareholders of 'KazStroyService' were Timur Kulibayev through 'Joint Technologies' (54.2%), Sergey and Anna Lelchuk through the company Aquarelle (33.3%), as well as Daniyar Shamilov through CHP 'Demeu-Industry' (12.5%).
In May, Shamilov sold his stake to Joint Technologies, as a result of which Kulibayev's holding in the company increased to 66.7%.
It is noted that over its period of operation, 'KazStroyService' has completed more than 100 projects in Kazakhstan and abroad, including participation in the Future Expansion Project of the Tengiz Field.
Recall that earlier, LLP 'Atyrau Neftekhim', controlled by the Russian holding company PJSC 'SIBUR' and the Kazakh company Almex Petrochemical of Timur Kulibayev, had a land plot worth 1.6 billion tenge seized.