World’s biggest uranium producer Kazatomprom sees net profit surge 112% in 2018

World’s biggest uranium producer Kazatomprom sees net profit surge 112% in 2018
Kazatomprom's economics and finance director Meirzhan Yusupov.
By bne IntelliNews March 11, 2019

The world’s biggest uranium producer Kazatomprom last week said its adjusted net profit surged by 112% y/y in 2018. The company added that it expected further revenue growth this year.

The jump in net profit was thanks to rising prices and high sales, which grew 65% y/y in 2018. The company’s performance last year overlapped with its initial public offering—it sold a 15% stake in a dual listing on the London Stock Exchange (LSE) and the new Astana International Exchange (AIX) that valued the company at $3bn.

Kazatomprom’s net income adjusted for one-off transactions stood at KZT66.8bn (€157.2mn), the statement said.

The company expected consolidated revenue of KZT485bn-KZT505bn in 2019 thanks to higher prices offsetting lower physical sales.

Kazatomprom plans to sell 13,500-14,500 tonnes of uranium this year, compared to 15,287 tonnes in 2018.

The Kazakh uranium miner’s revenue rose 58% to KZT436.6bn, it said.

The company has said it will to stick to previously announced plans to make dividend payments of no less than $200mn for 2018 and 2019.

Kazatomprom’s output accounts for 20% of the world’s uranium production.

Related Articles

CEZ starts exclusive talks with Bulgaria’s Eurohold on sale of local assets

Bulgarian financial and insurance group Eurohold said on April 17 it has been granted exclusivity for ... more

Estonia blocks €1.7bn offshore wind power park citing national security concerns

The Estonian government blocked a €1.7bn offshore wind power project off the coast of the Saaremaa island last week, citing security concerns, Bloomberg reported on April 11. “The reason for ... more

Three countries holding waivers for Iranian oil imports have cut shipments to zero: US

Three of eight importers granted 180-day sanctions waivers by Washington last November to buy oil from Iran have now cut their shipments to zero, a US official said on April 2. The official did ... more