Samruk-Kazyna Fund's net profit to make KZT 100.8 bln in 2016
ASTANA. KAZINFORM Samruk-Kazyna Sovereign Wealth Fund announced it plans to close year 2016 with a profit, despite economic complications, the Fund's Managing Director for Strategy and Assets Portfolio Baljeet Kaur Grewal said at the press conference today.
“In 2016-2020, the Fund will have to work in tough economic conditions, amid decline in demand, low crude prices and high debt load. However, despite these conditions, Samruk-Kazyna plans to close year 2016 with a net profit at 100 800 000 000 bln tenge. Due to the implementation of strategic initiatives, the consolidated net profit of the Fund will grow in the following years,” Ms. Grewal noted.
According to her, the Fund will concentrate its activities on 6 priority initiatives of development, namely, implementation of transformation and privatization programs, development of investment portfolio, establishment of new industries, increasing efficiency of the activities of portfolio companies and ensuring financial stability.
Besides, the Fund’s commercial team will determine its strategy and key areas of work of portfolio companies by transforming strategic assets through privatization and reinvesting of income in national economy. The Fund will continue also investing in new and emerging companies.
In 2016, the Fund plans to invest 98 bln tenge and 63 bln tenge in 2017. The total amount of investments in 2016-2020 in new and emerging companies of the country will make approximately 215 bln tenge, she clarified.
As per its development plan, the growth of assets in 2016 is planned at 8% (22.5 trln tenge) and at 13% by 2020 (23.7 trln tenge).