KEGOC received 36.1 billion tenge of net profit for the first 11 months of 2023. Compared to the same period of 2022, the profit grew by 24.8% (KZT 29 billion for the first 11 months of 2022). This also exceeds the level of expected net profit for the full year 2023, which was planned at KZT 31.5 billion.

This was announced by Aigul Akimbayeva, Managing Director for Finance and Accounting of KEGOC, at a press briefing in Almaty.

In the reporting period, KEGOC, as a system operator, continued to ensure quality operation of the unified power system (UPS) of Kazakhstan and reliable power supply to the country's consumers. In the first 11 months of 2023, there was a stable growth of both operational and financial performance.

Income from operations for January - November of the current year amounted to KZT 220.9 billion, which is KZT 25.8 billion higher than the same period of 2022.

The company's revenues increased mainly due to growth in the volume of services provided.

Electricity consumption in Kazakhstan for the first 11 months of this year amounted to 104.0 billion kWh, which is 2.1% more than in the same period last year. The volume of electricity transmission services amounted to 37.5 billion kWh, the volume of services for the use of the national power grid was 29.0 billion kWh.

KEGOC is implementing a number of major investment projects to ensure reliable power supply to consumers and sustainable development of the UPS of Kazakhstan. These include "Rehabilitation of 220-500 kV overhead transmission lines in KEGOC branches (three stages), "South Kazakhstan Electricity Transmission Reinforcement Project" and "West Kazakhstan Electricity Transmission Interconnection Project".

In November, the company successfully completed the strategically important "West Kazakhstan Electricity Transmission Reinforcement Project", which commissioned new 220 kV transmission lines and doubled the capacity of the region's power grids at the following sites: Pravoberezhnaya-Inder to 200 MW from the current 100 MW and at Beineu-MAEC to an estimated 200 MW. This will also enhance reliability of power supply to consumers in the Western regions of the country.

It is also worth noting that the recently held SPO of KEGOC decreased the stock of Samruk-Kazyna to 85%. All categories of investors, but particularly retail investors, expressed strong interest in the SPO. Consequently, almost 50,000 bids were received for the total of KZT 34.8 billion. The demand so exceeded the expected amount of placements by a factor of more than 1.5.

The frequency of dividend payments to KEGOC shareholders is 2 times a year. Based on the performance of the first half of 2023, KEGOC paid dividends in the amount of KZT 20.2 billion or 87% of net profit. According to the approved dividend policy, at least 60% of net profit shall be allocated for dividend payments.