Kazakhstan Corporate Results: Growth and Yield Leaders
This season's relative performance highlights a wide divergence across industries. Digital banking leads with median revenue growth of +57.2%, followed by water supply (+18.3%) and fuel retail (+10.3%). At the other end, petrochemicals (-20.4%), energy and sugar (-6.6%), and banks (-3.4%) lag significantly. The overall picture shows growth concentrated in niche, high-momentum sectors while traditional industries struggle.
Revenue growth by industry (median YoY)
Growth Leaders and Laggards
Among individual players, ALTYNGOLD stands out with revenue surging +81.7% and net profit jumping +134.7%, reflecting strong operational leverage in gold mining. ASBN also impresses with revenue growth of +71.6%, though net profit fell -31.5% due to base effects. In digital banking, Nu Holdings continues its rapid expansion with revenue +57.2% and net profit +56.5%. At the other extreme, Braskem saw revenue decline -20.4%, though EBITDA turned positive. Ultrapar in fuel retail posted a remarkable EBITDA swing of +105.4% and net profit +163.1%, signaling a sharp turnaround.
Accelerators and Decelerators
Several companies show notable shifts in momentum. Ultrapar accelerated sharply: revenue growth improved from -1.8% to +10.3%, and net profit swung from -7.0% to +163.1%. Similarly, Azul's net profit turned from -256.3% to +264.1%, though revenue growth remained modest at +1.4%. On the deceleration side, ASBN's revenue growth slowed from +189.2% to +71.6%, and net profit dropped from +37.7% to -31.5%. Sabesp's revenue growth also decelerated from +31.0% to +18.3%, though still strong. PagSeguro's revenue growth eased from +9.3% to +3.2%, indicating a maturing fintech market.
Dividend and Long-Term Growth Standouts
For yield seekers, KZTO leads with a dividend yield of 9.7% (DPS 118.0₸, price 1,211.24₸), followed by ASBN at 7.8% and AIRA at 7.7%. KEGC offers a solid 5.6% yield (DPS 81.0₸, price 1,442.2₸). On long-term growth, HALYK boasts a 3-year revenue CAGR of +59.0%, while KSPI follows at +47.1% and FRHC at +43.8%. These names combine high historical growth with current momentum, making them key watches for sustained expansion.
Players: growth & yield (no absolute levels)
| Company | Industry | Revenue YoY | EBITDA YoY | Net profit YoY | Div yield |
|---|---|---|---|---|---|
| KMGZ (FY) | — | +1.4% | -4.0% | -2.0% | 1.1% |
| KZAP (FY) | — | -0.6% | +14.7% | -3.5% | 3.0% |
| KSPI (Q1) | — | +31.5% | — | -0.8% | 0.0% |
| 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% |
| Itau Unibanco (Q1) | Banking | -3.4% | — | +10.7% | — |
| Ultrapar (Q1) | Fuel distribution | +10.3% | +105.4% | +163.1% | — |
| Ambev (Q1) | Beverages | -0.1% | -0.1% | +2.0% | — |
| Braskem (Q1) | Petrochemicals | -20.4% | +4.8% | +107.2% | — |
| Cemig (Q1) | Utilities | +6.6% | -18.6% | -5.8% | — |