«Joint Resources» JSC, 100% of whose shares are owned by businessman Timur Kulibayev, will not pay dividends for 2024. This is stated in a statement from the Kazakhstan Stock Exchange (KASE).
As reported by ORDA, at the end of last year, the company's assets amounted to 352.8 billion tenge, total liabilities were 41.1 billion tenge, and retained earnings were 153.4 billion tenge.
Despite the positive indicators, the holding company recorded a negative financial result, which led to the decision not to pay dividends.
As of 1 July of this year, Joint Resources continues to see negative trends: total liabilities have increased to 89.3 billion tenge, accounts receivable to 51.9 billion tenge, and the net loss amounted to 3.5 billion tenge.
«Joint Resources» JSC manages Kulibayev's assets in the coal mining, exploration, energy, and oil sectors. Among the companies under its control are «Shubarkol Premium», «Kaspiy Neft», «Crystal Management», Premier Development Company, and others.
For context, in August last year, it was reported that the coal mining company «Shubarkol Premium», partially controlled by Timur Kulibayev, also posted a loss for 2023. Additionally, the enterprise refused to pay dividends and terminated the trust management agreement with its subsidiary Baltic Terminals.