In 2023, the net profit of KEGOC JSC amounted to 42.7 billion tenge
KEGOC JSC summed up the results of its activities for 2023. The key results of the past year were the completion of a major investment project to strengthen the electrical networks of the Western Energy Hub, a secondary public offering (SPO), the emergence of a new service for using the NPG, as well as the start of implementation of a project to strengthen the Southern Zone of the UPS of Kazakhstan.
According to operational data, the gross profit of KEGOC JSC for 2023 compared to 2022 increased by 39%, from 50.9 billion tenge to 70.5 billion tenge.
Revenue amounted to 251.9 billion tenge and by 2022 increased by 34.7 billion tenge or 16%. The increase was mainly due to an increase in volumes and tariffs for regulated services.
Thus, at the end of 2023, net profit was formed at the level of 42.7 billion tenge, which is higher than in 2022 by 15.9 billion tenge or 60% (net profit in 2022 - 26.7 billion tenge).
Payment of dividends for the second half of 2023 will be made in the second quarter of 2024. The company has updated its dividend policy, according to which at least 60% of net profit will be allocated for the payment of dividends. The frequency of dividend payments to shareholders of KEGOC JSC is 2 times a year. Based on the results of the first half of 2023, the company paid dividends in the amount of 20.2 billion tenge or 87% of net profit. Taking into account the increase in net profit for 2023 compared to previously expected (31.5 billion tenge), KEGOC is considering increasing the amount of dividend payments for the second half of 2023.
In the reporting period, KEGOC JSC, as a system operator, continued to ensure the high-quality operation of the UPS of Kazakhstan and reliable power supply to the country's consumers.
Electricity consumption in Kazakhstan in 2023 amounted to 115.1 billion kWh, which is 1.9% more than in the same period in 2022. The volume of services for the transmission of electrical energy amounted to 39.2 billion kWh, the volume of services for using the National Electric Grid was 36 billion kWh.
In order to ensure the reliability of power supply to consumers and the sustainable development of the UPS of Kazakhstan, KEGOC JSC is implementing a number of large investment projects. These include “Reconstruction of 220-500 kV overhead power lines of branches of KEGOC JSC (three stages), “Strengthening the electrical network of the Southern zone of the UPS of Kazakhstan” and “Integration of the power system of Western Kazakhstan with the UPS of Kazakhstan.”
In November 2023, the company successfully completed the strategically important project “Strengthening the electrical network of the Western zone of the UPS of Kazakhstan.” This had a positive impact on ensuring reliable power supply to consumers in the Western regions of the republic.
As part of the project for the reconstruction of electrical networks, the modernization of 220-500 kV lines was completed in three of the nine branches of KEGOC JSC (Aktobe IEN (Intersystem Electrical Networks), Sarbai IEN and Western IEN). This made it possible to significantly update power transmission lines with long service life, extend their service life for at least 30 years, improve the conditions for transmitting electricity, and also increase the reliability of power supply to consumers.
Also, the company began implementing the project “Strengthening the electrical network of the Southern Zone of the UPS of Kazakhstan.” The project is aimed at increasing the reliability of power supply to consumers in the southern energy zone by strengthening 500 kV electrical networks in Zhambyl and Turkestan regions, including the construction of a 500 kV Shu-Zhambyl-Shymkent overhead line with a corresponding expansion of 3 electrical substations.