Kazatomprom’s 2023 financial results reflect the significant improvement in the uranium market and the company’s strong position as the largest seller and lowest-cost producer globally.
Kazatomprom demonstrated exceptional financial resilience, reflecting its strategic market positioning and robust operational efficiency. Despite significant volatility in the global uranium market due to geopolitical tensions and clean energy transition, the demand for nuclear power increased significantly. With Kazakhstan accounting for 40% of annual world uranium production, at least every third of nuclear reactors worldwide relies on Kazakh uranium. Meirzhan Yussupov, CEO of Kazatomprom, emphasized the Company’s role in energy security and readiness to secure utilities’ needs amidst market bifurcation discussions.
Kazatomprom achieved impressive financial results in 2023, despite a modest increase in average annual uranium prices. Group consolidated revenue grew by 43%, reaching 1.4 trillion tenge, while gross and operating profits demonstrated almost 50% year-on-year increases. These achievements were made possible by the considerable improvement in the uranium market over the past year and Kazatomprom’s position as the largest seller and lowest-cost producer globally. The efforts of the Company’s 20,000 dedicated professionals contributed significantly to these positive outcomes.
In 2023, Kazatomprom launched exploration programs and strengthened assessments of territories to ensure reserve replenishment for future generations and meet growing market needs. The Company continues to focus on cost optimization to maintain operational efficiency and sustainability. Despite plans to restart idled capacity and launch new production in the mid-2020s, Kazatomprom acknowledges that another supply source similar in size will be needed post-2030 to cover future market needs, especially considering geopolitical uncertainties, inflationary pressures, and supply chain challenges worldwide.
Key financial metrics for 2023 include:
- Consolidated revenue: KZT 1,435 billion (USD 3.1 billion), a 43% increase compared to 2022
- Operating profit: KZT 681 billion (USD 1.5 billion), a 49% increase compared to 2022
- Net profit: KZT 580 billion (USD 1.3 billion), a 23% increase compared to 2022
- Adjusted EBITDA: KZT 829 billion (USD 1.8 billion), a 31% increase compared to 2022
- Attributable EBITDA: KZT 639 billion (USD 1.4 billion), a 29% increase compared to 2022
- Cash flow from operating activities: KZT 432 billion (USD 960 million), a 52% increase compared to 2022
The Operating and Financial Review and Audited Consolidated Financial Statements provide detailed explanations of Kazatomprom’s results for the year ended 31 December 2023, as compared to the same period in 2022, and the Company’s guidance for 2024. These documents are available at www.kazatomprom.kz.
