Independent
auditor’s
report
Statement of financial position
As at 31 December 2024
| In thousands of tenge | Note | 31 December 2024 | 31 December 2023 |
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 5 | 66.304.016 | 136.326.009 |
| Non-current portion of advances paid | 7 | 4.222.541 | 4.401.501 |
| Intangible assets | 6 | 3.279.875 | 4.910.563 |
| Other non-current assets | 8 | 277.383 | 267.011 |
| 74.083.815 | 145.905.084 | ||
| Current assets | |||
| Inventories | 11 | 1.911.619 | 7.094.098 |
| Trade receivables from related parties | 27 | 10.247.950 | 8.968.981 |
| Trade receivables from third parties | 9 | 14.554.152 | 8.236.444 |
| Contract assets | 9 | 370.050 | 3.407.428 |
| Income tax prepaid | 1.580.534 | 2.825.671 | |
| Other current assets | 10 | 7.042.039 | 6.367.675 |
| Advances paid | 7 | 931.074 | 1.020.105 |
| Cash and cash equivalents | 12 | 13.575.088 | 6.336.198 |
| 50.212.506 | 44.256.600 | ||
| Total assets | 124.296.321 | 190.161.684 | |
| Equity and liabilities | |||
| Equity | |||
| Share capital | 13 | 12.241.487 | 12.241.487 |
| Retained earnings | 41.548.281 | 23.327.373 | |
| 53.789.768 | 35.568.860 | ||
| Non-current liabilities | |||
| Loans | 14 | 9.000.000 | - |
| Issued bonds | 15 | 22.467.090 | 22.286.506 |
| Lease liabilities | 16 | 211.859 | 367.520 |
| Employee benefit obligations | 700.622 | 580.855 | |
| Trade payables | 18 | 737.808 | 10.992.015 |
| Liabilities under contracts with customers | 17 | 1.199.241 | 1.037.338 |
| Deferred income tax liabilities | 20 | 7.775.578 | 6.814.952 |
| 42.092.198 | 42.079.186 | ||
| Current liabilities | |||
| Loans | 14 | 146.250 | 1.498.746 |
| Issued bonds | 15 | 659.086 | 659.086 |
| Lease liabilities | 16 | 155.173 | 268.195 |
| Employee benefit obligations | 964.519 | 76.417 | |
| Trade payables | 18 | 16.387.168 | 79.674.076 |
| Liabilities under contracts with customers | 17 | 1.824.002 | 21.038.720 |
| Taxes payable and other mandatory payments | 2.419.789 | 3.127.481 | |
| Provisions | 19 | - | 413.252 |
| Other current liabilities | 19 | 5.858.368 | 5.757.665 |
| 28.414.355 | 112.513.638 | ||
| Total liabilities | 70.506.553 | 154.592.824 | |
| Total equity and liabilities | 124.296.321 | 190.161.684 | |
Statement of comprehensive income
For the year ended 31 December 2024
| In thousands of tenge | Note | 2024 | 2023 |
| Revenue | 21 | 88.835.149 | 78.787.733 |
| Operating lease income | 21 | 132.694 | 146.401 |
| Cost | 22 | (69.435.834) | (67.707.245) |
| Gross profit | 19.532.009 | 11.226.889 | |
| General and administrative expenses | 23 | (11.044.441) | (6.492.879) |
| Profit from core operations | 8.487.568 | 4.734.010 | |
| Finance income | 24 | 1.896.488 | 5.949.281 |
| Finance costs | 25 | (8.096.989) | (12.430.505) |
| Foreign exchange gain | 2.524.602 | 14.078.477 | |
| Other income, net | 26 | 18.906.683 | 580.935 |
| Profit before tax | 23.718.352 | 12.912.198 | |
| Income tax expense | 20 | (5.373.274) | (2.193.043) |
| Profit for the year | 18.345.078 | 10.719.155 | |
| Other comprehensive income | |||
| Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax): | |||
| (Loss)/gain on revaluation of long-term employee benefit obligations | (124.170) | 83.050 | |
| Net other comprehensive (loss)/income that will not be reclassified to profit or loss in subsequent periods | (124.170) | 83.050 | |
| Other comprehensive (loss)/income for the year, net of taxes | (124.170) | 83.050 | |
| Total comprehensive income for the year, net of tax | 18.220.908 | 10.802.205 | |
| Earnings per share | |||
| Basic and diluted profit for the year attributable to ordinary shareholders of the parent (in tenge) | 13 | 3.253,77 | 1.901,20 |
Statement of changes in equity
For the year ended 31 December 2024
| In thousands of tenge | Share capital | Retained earnings | Total equity |
| At 1 January 2023 | 12.241.487 | 12.525.168 | 24.766.655 |
| Profit for the year | - | 10.719.155 | 10.719.155 |
| Other comprehensive income for the year, net of income tax | - | 83.050 | 83.050 |
| Total comprehensive income for the year | - | 10.802.205 | 10.802.205 |
| At 31 December 2023 | 12.241.487 | 23.327.373 | 35.568.860 |
| Profit for the year | - | 18.345.078 | 18.345.078 |
| Other comprehensive loss for the year, net of income tax | - | (124.170) | (124.170) |
| Total comprehensive income for the year | - | 18.220.908 | 18.220.908 |
| At 31 December 2024 | 12.241.487 | 41.548.281 | 53.789.768 |
Statement of cash flows
For the year ended 31 December 2024
| In thousands of tenge | Note | 2024 | 2023 |
| Cash flows from operating activities | |||
| Profit before tax | 23.718.352 | 12.912.198 | |
| Adjustments for: | |||
| Amortisation | 22, 23 | 13.551.612 | 13.913.881 |
| Finance costs | 25 | 8.096.989 | 12.430.505 |
| Finance income | 24 | (1.896.488) | (5.949.281) |
| Reversal of inventories to net realisable value | 23 | (76.173) | (120.057) |
| Accrual of provision for impairment of advances paid, other current and non-current assets | 23 | 1.003.427 | 60.878 |
| Gain on disposal of property, plant and equipment and intangible assets | (18.108.723) | (356.480) | |
| Employee benefit obligations | 93.967 | 122.504 | |
| Foreign exchange gain | (2.524.602) | (14.078.756) | |
| Accrual / (reversal) of allowance for expected credit losses on accounts receivable | 23 | 2.573.218 | (365.090) |
| (Reversal) / accrual of provisions | 19 | (3.207.255) | 4.757.528 |
| Accrual of provision for compensation to management personnel | 23 | 874.018 | - |
| Accrual / (reversal) of allowance for expected credit losses on cash and cash equivalents | 12 | 65.295 | (161.788) |
| Cash flows from operating activities before changes in working capital and other items | 24.163.637 | 23.166.042 | |
| Changes in working capital and other items | |||
| Change in trade receivables | (6.445.790) | 5.228.761 | |
| Change in inventories | 5.267.230 | (1.745.385) | |
| Change in advances paid | (71.687) | 2.049.530 | |
| Changes in other current assets | (2.518.170) | 1.920.713 | |
| Change in trade payables | 2.666.473 | (1.055.843) | |
| Change in taxes payable and other mandatory payments | (11.404.940) | (1.372.010) | |
| Change in liabilities under contracts with customers | (6.638.690) | 1.230.589 | |
| Change in other current liabilities | 3.014.791 | 4.211.507 | |
| Change in employee benefit obligations | (84.286) | (90.397) | |
| Cash flows from operating activities | 7.948.568 | 33.543.507 | |
| Interest received | 971.768 | 1.032.308 | |
| Interest paid on loans | 28 | (29.948) | (2.820.015) |
| Interest paid on lease liabilities | 28 | (110.226) | (106.111) |
| Coupon interest paid on bonds | 28 | (2.870.006) | (2.985.098) |
| Income tax paid | (4.442.791) | (2.629.243) | |
| Net cash flows from operating activities | 1.467.365 | 26.035.348 | |
| Cash flows from investing activities | |||
| Acquisition of property, plant and equipment and intangible assets, and payment of advances for acquisition of non-current assets | (4.676.946) | (4.993.458) | |
| Proceeds on disposal of property, plant and equipment and intangible assets | 35.810.114 | 19.252.683 | |
| Other payments, net | (22.631) | - | |
| Net cash flows from investing activities | 31.110.537 | 14.259.225 | |
| Cash flows from financing activities | |||
| Repayment of loans | 28 | (1.497.415) | (35.081.453) |
| Receipt of loans | 28 | 9.000.000 | - |
| Repayment of issued bonds | 28 | - | (2.000.779) |
| Repayment of accounts payable in respect of assets purchased in instalments | (32.639.268) | (12.060.084) | |
| Repayment of principal portion of lease liabilities | 28 | (289.462) | (278.657) |
| Net cash used in financing activities | (25.426.145) | (49.420.973) | |
| Net change in cash and cash equivalents | 7.151.757 | (9.126.400) | |
| Effect of changes in foreign exchange rates on the balances of cash and cash equivalents in foreign currency | 152.428 | 22.623 | |
| Change in allowance for expected credit losses on cash and cash equivalents | (65.295) | 161.788 | |
| Cash and cash equivalents at the beginning of the year | 6.336.198 | 15.278.187 | |
| Cash and cash equivalents at the end of the year | 12 | 13.575.088 | 6.336.198 |