KEGOC expects 15% net profit increase in 2013
ASTANA. April 5 (Interfax) - Kazakhstan's national power grid operating company KEGOC plans to increase its net profit by 15% to 8 billion tenge in 2013.
"We received 7 billion tenge in net profit last year. We expect to earn more than 8 billion tenge in net profit by the end of 2013," KEGOC CEO Bakhytzhan Kazhiev said at a round table entitled 'People's IPO: Results and Prospects' on Friday in Astana.
KEGOC had net earnings of 6.941 billion tenge last year, an 11.3% drop over 2011, according to the company's audited consolidated financial statement to International Financial Reporting Standards (IFRS).
The company's revenues rose by 20.2% to 65.855 billion tenge, and gross profit grew 9% to 16.586 billion. Profit before tax was down 20.7% to 8.484 billion tenge.
In 2012, KEGOC's assets climbed 6.8% to 232.404 billion tenge, liabilities rose by 9.6% to 105.844 billion tenge, equity capital by 4.6% to 126.560 billion tenge, and registered capital 0.9% to 106.842 billion tenge.
KEGOC plans to make an offering with the People's IPO in Q2 2013.
KEGOC is the operator of Kazakhstan's national power grid. The company is part of the Samruk-Kazyna National Welfare Fund. It plans to enter the stock market under People's IPO this year.