Kazakhstan Corporate Results: Growth & Yield Divergence
This season’s Kazakhstan corporate results reveal a stark divergence: revenue growth leaders (KASPI +273.7%, KSPI +120.7%, ALTYNGOLD +81.7%) far outpace laggards (UTMK -49.9%, KCEL -20.5%, FRHC -5.4%). Median industry growth is unavailable, but the standout sectors are gold mining (ALTYNGOLD) and digital platforms (KASPI, KSPI), while utilities (KCEL) and metals (UTMK) struggle.
Revenue growth, biggest movers (YoY)
Growth Leaders & Laggards
KASPI leads all with revenue growth of +273.7% YoY, though net profit rose only +1.0%. KSPI follows with +120.7% revenue growth, but EBITDA (+11.6%) and net profit (+0.0%) lag. ALTYNGOLD shows balanced strength: revenue +81.7%, EBITDA +97.2%, net profit +134.7%. At the other end, UTMK’s revenue collapsed -49.9% and EBITDA turned negative (-112.5%), while KCEL revenue fell -20.5% despite EBITDA +18.7%.
Decelerators & Accelerators
ASBN decelerated sharply: revenue growth slowed from -99.7% prior to +71.6% (a massive swing, but net profit fell -31.5%). ALMS also slowed: prior revenue growth +50.4% to current +42.5%, and net profit growth dropped from +225.0% to +99.5%. In contrast, KEGC accelerated: revenue growth rose from +26.9% to +43.6%, and net profit from +122.4% to +79.8% (still strong). KZTK maintained momentum: revenue +21.6% (prior +15.9%), net profit +98.1% (prior +189.5% – decelerating but high).
Dividend Leaders & Long-Term Growth
Top dividend yields: ALMS (15.6%, DPS 3453.27₸ / price 22108.0₸), KZTO (9.7%, DPS 118.0₸ / price 1211.24₸), ASBN (7.8%), AIRA (7.7%). For long-term growth, HALYK’s 3-year revenue CAGR stands at +59.0%, and KSPI’s at +47.1%, both well above the pack. KASPI’s CAGR is unavailable, but its recent +273.7% surge suggests strong momentum.
Players: growth & yield (no absolute levels)
| Company | Revenue YoY | EBITDA YoY | Net profit YoY | Div yield |
|---|---|---|---|---|
| KMGZ (FY) | +12.5% | -6.5% | -0.0% | 1.1% |
| ASURB (Q1) | +0.8% | -8.1% | n/m | — |
| KASPI (FY) | +273.7% | — | +1.0% | — |
| KZAP (FY) | -0.6% | -0.2% | -3.5% | 3.0% |
| KSPI (Q1) | +120.7% | +11.6% | +0.0% | 0.0% |
| ALMS (Q3) | +42.5% | +85.6% | +99.5% | 15.6% |
| KZTK (FY) | +21.6% | +24.1% | +98.1% | 0.8% |
| KZTO (FY) | +14.6% | +11.7% | +9.8% | 9.7% |
| HALYK (Q1) | -2.0% | — | -14.6% | 0.0% |
| ASBN (Q1) | +71.6% | — | -31.5% | 7.8% |
| KCEL (FY) | -20.5% | +18.7% | +46.3% | 0.0% |
| KEGC (Q1) | +43.6% | +51.3% | +79.8% | 5.6% |
| MATN (Q3) | -6.9% | -8.2% | -1.0% | 0.0% |
| NRBN (Q1) | -6.2% | — | +82.4% | 0.0% |