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JSC "KazTransOil" (KZTO) KZT

KazTransOil owns and operates Kazakhstan’s main crude oil and refined-products pipeline system and related infrastructure.

At a glance: strengths & risks
✓Revenue growing (+10% y/y, H1 2026)✓Profit growing (+36% y/y, H1 2026)✓Net cash balance sheet

Sector: Oil transport / infrastructure

KZTO

Price chart

1 214 KZTDay -1.18%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1 214 KZT · -1.18%
Market cap
471.3 bn KZT

Growth

Δ revenue y/y
10.3%
Δ EBITDA y/y
15.7%

Multiples

P/E (LTM)
8.8x
P/B (FY)
0.4x
P/E (ann.)
8.0x
EV/EBITDA (LTM)
3.9x
EV/EBITDA (ann.)
3.6x

Cash return

Dividend yield
9.8%
FCF yield (LTM)
2.2%

Liquidity

Daily turnover (KASE)
899 574

Shares: kase_book/KZTO

Financial results

Monetary columns are in B KZT, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB KZTOperating profitB KZTD&AB KZTEBITDAB KZTNet profitB KZTOperating CFB KZTCapex + M&AB KZTAssetsB KZTEquityB KZTROE (annualized)Net debtB KZTSource
2026-06-30Q2 2026 (3M)OK90.9
y/y 10.3%
—
y/y 6.7%
20.0
y/y 21.5%
—
y/y 15.7%
12.5
y/y 36.3%
30.5—1525.2
y/y 11.8%
1139.4
y/y 15.4%
4.4%-22.7Link
2026-03-31Q1 2026 (3M)OK89.0
y/y 14.1%
—
y/y —
19.4
y/y 22.0%
—
y/y —
16.9
y/y 80.8%
31.6-16.91556.1
y/y 13.7%
1556.1
y/y 56.2%
5.0%-27.3Link
2025-12-31Q4 2025 (3M)OK103.3
y/y 26.3%
4.5
y/y -40.5%
22.1
y/y 27.6%
26.6
y/y 6.9%
6.5
y/y -34.7%
29.717.51551.4
y/y 12.4%
1150.7
y/y 15.9%
4.2%-12.1Link
2025-09-30Q3 2025 (3M)OK91.0
y/y 10.5%
17.1
y/y 37.8%
17.0
y/y -0.5%
34.1
y/y 13.2%
17.6
y/y 23.7%
39.1-12.21396.6
y/y 3.8%
1012.9
y/y 4.8%
5.2%-5.3Link
2025-06-30Q2 2025 (3M)OK85.1
y/y 8.0%
13.1
y/y 23.1%
16.5
y/y -2.8%
29.6
y/y 5.9%
12.2
y/y 10.5%
26.1-19.21364.2
y/y 1.4%
987.4
y/y 3.0%
4.4%13.1Link
2025-03-31Q1 2025 (3M)OK78.1
y/y 1.9%
7.9
y/y -27.7%
15.9
y/y -5.0%
23.8
y/y -14.0%
9.4
y/y -12.9%
14.9-7.01369.1
y/y -0.1%
996.4
y/y 1.7%
3.8%29.6Link
2024-12-31Q4 2024 (3M)OK81.8
y/y 1.1%
7.6
y/y 323.9%
17.3
y/y -3.5%
24.9
y/y 70.8%
9.9
y/y 2412.5%
26.0-40.21380.1
y/y 1.6%
992.9
y/y 3.8%
4.2%33.5Link
2024-09-30Q3 2024 (3M)OK79.1
y/y 9.8%
10.6
y/y 23.0%
16.3
y/y -9.5%
26.9
y/y -0.0%
12.1
y/y -4.9%
23.2—1346.1
y/y 1.2%
966.3
y/y 0.0%
4.4%15.7Link
2024-06-30Q2 2024 (3M)OK74.4
y/y 10.3%
6.1
y/y 32.5%
16.6
y/y -9.1%
22.8
y/y 1.7%
8.8
y/y -3.9%
21.6—1344.8
y/y 4.3%
958.3
y/y 2.4%
4.0%7.8Link
2024-03-31Q1 2024 (3M)OK76.6
y/y 12.9%
10.9
y/y 155.7%
16.7
y/y -11.0%
27.7
y/y 19.9%
10.7
y/y 21.8%
19.9-9.81369.8
y/y 14.2%
979.4
y/y 10.1%
4.4%13.0Link
2023-12-31Q4 2023 (3M)OK80.9
y/y —
-3.4
y/y —
18.0
y/y —
14.6
y/y —
-0.4
y/y —
24.8-45.81358.4
y/y —
956.9
y/y —
3.4%19.6Link
2023-09-30Q3 2023 (3M)OK72.5
y/y —
9.6
y/y —
18.1
y/y —
27.7
y/y —
13.0
y/y —
27.3-41.01330.5
y/y —
966.2
y/y —
4.7%4.0Report (KASE)
2023-06-30Q2 2023 (3M)OK69.1
y/y —
8.6
y/y —
17.9
y/y —
26.5
y/y —
11.5
y/y —
18.3-46.71289.8
y/y —
935.9
y/y —
4.5%-12.0Link
2023-03-31Q1 2023 (3M)OK67.9
y/y —
4.3
y/y —
18.8
y/y —
23.1
y/y —
8.8
y/y —
17.4-26.61199.0
y/y —
889.2
y/y —
—-37.1Report (KASE)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)18 313
Long-term debt (incl. LT leases)83 916
− Cash & equivalents124 927
Net debt-22 698

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

025 00050 00075 000100 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-25%0%25%50%75%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-20 000020 00040 00060 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-40 000-20 000020 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.41x of reported net profit.
year202320242025
cash flow / profit2.67x2.18x2.41x
accruals, % of assets-4.0%-3.6%-4.1%
Last twelve months (to 2026-06-30): 2.45x of profit came back as operating cash flow.
net debt / EBITDA -0.1x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +15% vs +7% the year before — a +7.2 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +14% · 2024 +7% · 2025 +15%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 3.7x · 3-year average 3.7x

EV/EBITDA3-year 75th pct

Dividends

Planned / announced

DatePer shareDetailsStatusSource
2026-05-29—KazTransOil JSC intends to pay dividends on common shares KZ1C00000744 (KZTO) for 2025PlannedKASE news

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://kaztransoil.kz/en/to_shareholders_and_investors/financial_information_annual_and_interim_financial_reports/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of JSC "KazTransOil" (KZTO) — from primary filings.

Frequently asked questions

What is JSC "KazTransOil" (KZTO)'s P/E ratio?
JSC "KazTransOil" (KZTO) trades at a P/E of 8.8x (price to trailing 12-month earnings).
What is JSC "KazTransOil" (KZTO)'s EV/EBITDA?
JSC "KazTransOil" (KZTO) trades at 3.9x EV/EBITDA.
What is JSC "KazTransOil" (KZTO)'s P/B ratio?
JSC "KazTransOil" (KZTO) trades at a P/B of 0.4x.
What is JSC "KazTransOil" (KZTO)'s dividend yield?
JSC "KazTransOil" (KZTO)'s trailing 12-month dividend yield is 9.8%.
What is JSC "KazTransOil" (KZTO)'s return on equity (ROE)?
JSC "KazTransOil" (KZTO)'s ROE is 4.4%.
What is JSC "KazTransOil" (KZTO)'s market capitalization?
JSC "KazTransOil" (KZTO)'s market cap is 471.3 bn KZT.

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