Kazatomprom increased its net profit by 115% in 22 years

(Added company financial statements)

ALMA-ATA, March 17 (Reuters) – Kazatomprom, the world’s largest uranium producer, increased its 2022 net profit by 115% to 473.0 billion tenge ($1.03 billion), the company said on Friday.

Kazatomprom’s consolidated revenues increased by 45% to 1.001 trillion tenge. Adjusted EBITDA was 630.898 billion tenge in 2022, an increase of 80% compared to 2021.

In 2022, Kazakhstan reduced uranium production by 3% on an annual basis to 21,227 tonnes. The sales volume amounted to 16,358 tonnes.

The concern informed that Kazakhstan plans to produce 20.5-21.5 thousand. tons of uranium in 2023 and sell 15.4-15.9 thousand. tone.

“The decrease in production forecasts for 2023 relative to actual 2022 is mainly due to ongoing difficulties related to delays and limited access to certain key materials, including sulfuric acid and equipment, which affected the 2022 well launch schedule.” the company said. in a statement.

Traditionally, Kazatomprom sells uranium oxide concentrate – an intermediate product of converting natural uranium into nuclear fuel – on the basis of long-term contracts and in small quantities on the spot market.

Kazakhstan does not have its own nuclear power plants and does not use the products of the nuclear cycle, but the uranium reserves in its deposits, which account for about 15% of the world’s total, are second only to Australia.

Kazatomprom, which listed its shares on the London Stock Exchange in 2019, mines uranium in Kazakhstan both independently and through joint ventures.

The State Fund of Kazakhstan Samruk-Kazyna owns 75% of Kazatomprom’s shares.

($1 = 461.39) (Maria Gordeeva)