Kazatomprom boosts net profit 23% in 2023

ALMATY. March 15 (Interfax) - Kazatomprom boosted net profit to International Financial Reporting Standards 23% to 580 billion tenge in 2023, Kazakhstan's national nuclear company said in a statement.

"The increase is primarily due to the growth in the average realized price associated with an increase in the market spot price for U3O8," it said.

Adjusted net profit for 2023 was also 580 billion tenge, a 25% increase compared to 2022. Operating profit surged 49% to 681 billion tenge. The group's consolidated revenue soared 43% to 1.435 trillion tenge.

Adjusted EBITDA rose 31% to 829 billion tenge. Attributable EBITDA, which corresponds to the company's interest in other companies, amounted to 639 billion tenge, up 29% compared to 2022.

Operating cash flows in 2023 totaled 432 billion tenge, a 50% increase compared to the same period in 2022.

The state-controlled Kazatomprom is engaged in uranium mining, rare metals processing, and the production and marketing of beryllium and tantalum products.