KazMunayGas (KMG) acquired bonds from its main shareholder, the Samruk-Kazyna fund, in the first half of 2026 worth 951.6 billion tenge, or about $2 billion. Following the deal, the volume of loans and other debt owed by related parties to KMG rose from 59.6 billion to 998.2 billion tenge.
WHAT IS KNOWN
According to KASE, part of the purchased bonds matures as early as November 2026, with the remainder maturing in June 2027. The rates on the securities are 3.9% and SOFR + 0.2%.
At the same time, KMG's own debt to creditors stands at around 3.4 trillion tenge. In the first six months of the year, the company also paid shareholders 350 billion tenge in dividends.
WHAT ABOUT THE COMPANY'S FINANCIAL INDICATORS
In the first half of 2026, KMG's revenue increased by 24% to 5.57 trillion tenge. Net profit grew by 69%, reaching 903.8 billion tenge.
The main driver of growth in the reported data is said to be Tengizchevroil. KMG's share of profit from this company more than doubled, amounting to 369.3 billion tenge.
HOW KMG PAID DIVIDENDS PREVIOUSLY
Dividends of 350 billion tenge for 2025 are not a one-off event. In 2022 and 2023, KMG paid out 300 billion tenge each year, with the same amount paid for 2024. Of these, Samruk-Kazyna as the main shareholder receives more than half each year: for example, for 2023 the fund received 202.3 billion tenge out of the 300 billion total payout.
Notably, the increase in dividends is not KMG's own initiative. As the company's head, Askhat Khassenov, stated: "The Samruk-Kazyna fund has set us the task of increasing dividend payments."
Thus, KMG simultaneously remains in debt to its creditors, pays dividends to shareholders, and directs a significant amount of funds toward purchasing bonds from its main shareholder.
