Ten years ago, KEGOC launched its IPO on the KASE platform. Since then, the price of its shares has tripled.

Today, KEGOC celebrates a significant milestone — a decade since it went public. During this time, the company has substantially increased its market value, showcasing consistent growth, improved financial performance, and a strong commitment to its shareholders. The price of KEGOC shares has grown threefold, with the total return on shares, including dividends, reaching an impressive 410%, averaging around 40% annually.

Aygul Akimbayeva, Manging Director for Economics and Finance, notes that the IPO marked a turning point in the company’s history.
"In 2014, KEGOC’s initial public offering was part of the ‘People’s IPO’ programme, offering shares of leading national companies to the local market, while also providing ordinary citizens the opportunity to participate in their governance. Listing is a complex and multi-faceted process, requiring the issuer to meet both internal and external operational standards, ensuring stability, transparency, corporate governance, and various organisational criteria. At the time, KEGOC was one of the few companies ready for listing. Furthermore, the offering was extremely successful, with demand exceeding supply by 27%, reflecting the high level of trust in the system operator from the people of Kazakhstan."

The company takes great pride in its ability to increase shareholder value, grow its assets, and consistently meet its obligations to shareholders. This milestone is a celebration of KEGOC's achievements and its ongoing progress.

Infrastructure Growth
As the system operator of Kazakhstan’s unified power system, KEGOC has greatly expanded its infrastructure. When the company was founded, it managed 23,000 kilometres of power lines and 70 substations. Today, it oversees 28,000 kilometres of lines and 83 substations, with over 3,000 kilometres of new lines and six new substations added over the past decade. Major infrastructure projects include the construction of 500 kV Alma substation, the second phase of modernising Kazakhstan’s national power grid, the first phase of rehabilitating the Aktyubinskiye, Zapadnye, and Sarbaiskiye interregional electrical networks, and strengthening the power grid in the Western zone of Kazakhstan’s unified system. Additionally, the company has enhanced the external power supply to the city of Turkestan, including the construction of the Ortalyk substation. These efforts have all contributed to increased reliability and capacity across the network.

Innovations and Future Projects
Alongside infrastructure expansion, KEGOC is driving innovation. Cutting-edge projects in energy network digitalisation, such as the automated power and frequency control system, centralised emergency control system, WAMS, and WACS, have already delivered KZT 16 billion in economic benefits in the first two years of operation. Presently, KEGOC is working on modernising its SCADA/EMS system, expanding the WAMS system, and developing energy storage management algorithms.

The company is also proud to play a key role in the global energy transition. Focus is particularly placed on implementing energy storage systems in collaboration with China Power International Development Limited. This initiative will boost the resilience and reliability of Kazakhstan's energy system, particularly in light of the upcoming large-scale integration of renewable energy sources.

Solid Financial Results
In ten years, KEGOC has achieved remarkable financial results. Revenue has tripled, from KZT 93.5 billion in 2014 to KZT 314 billion in 2024, while profit has increased 6.2 times, rising from KZT 8.6 billion to KZT 54.8 billion. The company’s assets have almost doubled, reaching KZT 1 trillion, and current assets now exceed liabilities by 3.7 times, while equity is nearly 4.4 times greater than debt. Share prices have surged from KZT 505 in 2014 to KZT 1,500 in 2024.

Sustainable Development and Dividends
KEGOC continues to meet its obligations to shareholders, and is one of the few issuers paying dividends twice a year. Since going public, the company has distributed a total of KZT 282 billion in dividends, with KZT 44.6 billion paid out in 2024 alone. In the first half of 2024, KEGOC paid out historically high dividends — KZT 22.7 billion, or KZT 82.4 per ordinary share, representing 64.5% of the company’s net profit. The company’s dividend policy remains focused on providing a stable income for investors, ensuring continued strong interest in its shares.

Secondary Share Offering (SPO)
In November 2023, KEGOC successfully executed a secondary offering, placing approximately 5% of its shares. Over 50,000 investor applications were received, totalling more than KZT 34.8 billion — 1.5 times the planned offering amount. The SPO resulted in increased liquidity for KEGOC shares, with the average daily trading volume rising to KZT 70 million.

The funds raised from the SPO are being invested in a strategic project to strengthen the South Zone networks of Kazakhstan’s unified power system. This will improve the reliability of electricity supply in the South, accommodate anticipated growth in electricity consumption, and ensure the efficient delivery of power from large renewable energy projects, primarily located in the South.

Recognition and Social Responsibility
KEGOC has not only grown financially, but has also shown significant progress in terms of social stability and safety. In 2023, the company received its first ESG rating of 51/100, reflecting its commitment to sustainable development and social responsibility. Over the past 15 years, KEGOC has operated without any major fires or incidents, and its injury frequency rate has halved in the last decade.

Future Intentions
As a market leader, KEGOC continues to explore the potential of new projects and technologies. The company is committed to further improving its processes and automation, with the goal of achieving 90% automation by 2032. KEGOC’s strong corporate culture, along with effective HR and social policies, ensures low employee turnover and high social stability, supporting its continued sustainable growth.

A decade since the IPO represents more than just a number. It stands as a clear demonstration of KEGOC’s success in fulfilling its obligations to shareholders, building infrastructure, and actively shaping a future focused on increasing shareholder value, enhancing service quality, and ensuring the reliability of Kazakhstan’s unified power system.