25 Jan 2011 14:38

Kazakh Investment Fund posts 1.98 bln tenge net profit in 2010

ASTANA. Jan 25 (Interfax) - JSC Investment Fund of Kazakhstan (IFK), a part of the Samruk-Kazyna fund, had net profit of 1.98 billion tenge in 2010 against net losses of 4.82 billion tenge a year earlier, IFK said in a statement.

This was the IFK's first annual profit for three years.

The Fund's revenue in the reporting period totaled 1.496 billion tenge, mostly achieved directly through investment activities (146.86 tenge/$1 on Jan.25).

"IFK is working extensively to improve the quality of its investment portfolio. The fund is currently looking for prospective buyers for goods produced under current investment projects. In 2010, IFK signed a number of supply agreements for goods produced by invested companies," the press release says.

There are currently 31 projects totaling 30.153 billion tenge listed in the IFK's investment portfolio.

Founded in 2003, Investment Fund of Kazakhstan's goal is to provide financial support for private sector initiatives for competitive production facilities in the non-resource sector of the economy through participating in the registered capitals of new and existing companies. The Fund acts as direct investor in projects by purchasing up to 49% stakes in such projects.