The income from the oil and gas assets of businessman Timur Kulibayev is declining each year. Journalists write that if this trend continues, the oil business could become completely uninteresting for the entrepreneur within a year.
According to Nege.kz, the joint-stock company ‘Kaspiy Neft’, which Kulibayev controls through the holding company ‘Joint Resources’, has published its financial statements for 2024.
“The revenue, EBITDA and net income of the company ‘Kaspiy Neft’ have fallen. Revenue for 2024 amounted to 167.5 billion tenge. At the exchange rate for that year — 525 tenge to the dollar — that equates to $319 million. In 2023, revenue of 186.4 billion tenge was valued at $408.7 million. So, in a single year, Kulibayev’s income from oil dropped by $90 million,” the report states.
For reference: EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is an analytical metric equal to the amount of profit before deducting interest expenses, taxes, depreciation and amortisation.
It has become known that the net income of ‘Kaspiy Neft’ fell from 43.7 billion tenge to 33.5 billion tenge. Journalists noted that the income Kulibayev earns from oil in a year is easily generated in a month by his controlled entity ‘Halyk Bank of Kazakhstan’ (Halyk Bank).
“Last year, the company sold most of its oil through the international trader Vitol. It is obvious that the drop in global prices for black gold directly affected the income of ‘Kaspiy Neft’,” the conclusion states.
It is worth recalling that in April it was reported that the Ministry of Ecology and Natural Resources of Kazakhstan imposed fines on the oil-producing companies ‘Tengizchevroil’, North Caspian Operating Company N.V. (NCOC), ‘Kaspiy Neft’ and ‘Mangystaumunaigaz’ totalling more than 61.1 billion tenge over the period 2022–2024.