The National Welfare Fund "Samruk-Kazyna" manages vast financial flows annually, earning trillions of tenge through the sale of products and shares, as well as dividends from over 20 subsidiaries. We decided to investigate how much the fund received in 2023, as reported by inbusiness.kz.
In November, it became known that the fund, which is a key donor to the budget, decided not to pay additional dividends to the state.
Meanwhile, in 2023, "Samruk-Kazyna" saw a revenue increase of 4%, reaching 15.4 trillion tenge, while net profit amounted to 1.698 trillion tenge. That same year, the volume of dividends received from joint ventures and associated companies reached 808 billion tenge, surpassing the 2022 figure (734 billion tenge).
However, the fund announced a different figure: in 2023, income from dividends from portfolio companies totaled 513 billion tenge. This figure is projected to be 556 billion tenge in 2024.
It is worth noting that the "Samruk-Kazyna" fund includes the largest companies in Kazakhstan: "KazMunayGas" (67.42%), "Kazatomprom" (75%), "Қазақстан Темір Жолы" (100%), "Samruk-Energo" (100%), KEGOC (85%), "Kazakhtelecom" (79.24%), and others. These companies contribute a significant portion of the fund's income.
Based on revenues and net profits, in 2024, the fund decided to allocate 579 billion tenge to the state as dividends for the republican budget; 228 billion tenge for financing social projects as part of government directives; 105 billion tenge for gasification of settlements under the economic growth action plan; 272 billion tenge for financing a rental housing construction program as part of the economic growth action plan; 10 billion tenge for charity (annual amount allocated for charity); 22 billion tenge for assistance to regions affected by floods; and 50 billion tenge will go to the "Қазақстан Халқына" fund.
Thus, it can be concluded that a significant portion of funds, amounting to trillions of tenge, remains within the companies. The fund stated that the remaining funds will be directed towards financing investment programs, repaying debt obligations, and acquiring assets.
The Ministry of National Economy of the Republic of Kazakhstan emphasizes that the dividend policy is regulated by laws and determined by the shareholders' general assembly. However, the volume of dividends paid to the state raises discussions. Considering the anticipated 556 billion tenge in dividends from portfolio companies in 2024 and the continued investment activity of the fund, the issue of proportionality of payments to the budget remains relevant.