JSC «Kazakhtelecom» ended the first quarter of 2026 with a net loss of 0.7 billion tenge. In the same period last year, the company posted a net profit of 106.9 billion tenge.
WHAT HAPPENED
According to the financial statements of JSC «Kazakhtelecom», the results for the first quarter of 2026 were significantly impacted by the high base effect from the previous year. The company noted that in the first quarter of 2025, its net profit was anomalously high due to a one-off gain from the sale of LLP «Mobile Telecom-Service».
The operator's revenue in January–March 2026 stood at 140.5 billion tenge, which is 4.8% higher than the figure for the same period last year. At the same time, operating profit fell to 19.4 billion tenge, a decrease of 87.7% compared to the first quarter of 2025.
Earnings per share turned negative, amounting to -216.91 tenge compared to 9,715.36 tenge a year earlier.
WHAT WERE THE COMPANY'S RESULTS FOR 2025
Earlier, JSC «Kazakhtelecom» published its financial statements for 2025. According to the documents, the company's net profit rose from 77.2 billion tenge to 146.9 billion tenge.
Revenue from core activities increased from 482.9 billion tenge to 568.2 billion tenge. Including subsidies and compensation for universal services in rural areas, total income approached 587 billion tenge.
The cost of services also rose — from 384.9 billion tenge to 457.7 billion tenge. Despite this, the company's operating profit reached 94.5 billion tenge, which is more than 50% higher than the previous year's figure.
It was noted in the report that income from discontinued operations exceeded 107 billion tenge. At the same time, financial expenses increased from 39.7 billion tenge to 51.3 billion tenge, and the loss from exchange rate differences amounted to approximately 16.7 billion tenge.
WHAT PAYMENTS DID THE MANAGEMENT TEAM RECEIVE
The total remuneration for key management personnel of JSC «Kazakhtelecom» for 2025 amounted to 752.3 million tenge, compared to 906.6 million tenge a year earlier.
The documents do not specify what portion of the payments went directly to Chairman of the Board Bagdat Mussin, and what portion went to other top managers of the company.