Kazakhstan Corporate Results: Growth & Yield Leaders
This season’s Kazakh corporate results reveal a stark contrast between high-growth digital and utility sectors and struggling commodity-linked industries. Digital banking leads with median revenue growth of +57.2% year over year, 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, highlighting a shift toward domestic consumption and fintech.
Revenue growth by industry (median YoY)
Growth Leaders: Digital and Infrastructure
Among individual players, ALTYNGOLD stands out with revenue surging +81.7% and net profit +134.7% year over year, driven by strong operational leverage. ASBN, in the digital banking space, grew revenue +71.6% (slowing from +189.2% in the prior period) but still shows a robust 3-year CAGR of +34.4%. KEGC, in energy infrastructure, accelerated revenue growth to +43.6% from +26.9% a year ago, with EBITDA rising +51.3% and net profit +79.8%.
Notable decelerations include ASBN (revenue growth slowed from +189.2% to +71.6%) and PagSeguro (revenue growth eased from +9.3% to +3.2%). On the flip side, Ultrapar accelerated sharply: revenue growth turned from -1.8% to +10.3%, while EBITDA surged +105.4% and net profit +163.1%. Azul also swung from -2.5% revenue decline to +1.4% growth, though EBITDA fell sharply.
Yield and Long-Term Growth Standouts
For income-focused investors, KZTO offers the highest dividend yield at 9.7% (DPS 118.0₸, price 1211.24₸), followed by ASBN at 7.8% and AIRA at 7.7%. KEGC also provides a solid 5.6% yield. On long-term growth, HALYK leads with a 3-year revenue CAGR of +59.0%, despite a recent -2.0% revenue dip. CCBN also impresses with a +52.2% CAGR, though its current net profit fell -25.1%.
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% | — |