Kazakhstan’s Ust-Kamenogorsk Titanium-Magnesium Plant (UKTMP) ended 2024 with a net profit of 1.3 billion tenge, marking a threefold decline from 4.1 billion tenge in 2023, according to the company’s consolidated financial statements.
While revenues surged by 15.3% year-on-year to 94.3 billion tenge, boosted by higher sales of titanium and magnesium products, this gain was offset by a 24.5% increase in cost of sales, which jumped by 14.6 billion tenge. As a result, gross profit for the year fell to 20 billion tenge, down from 22 billion tenge in 2023.
The steep decline in net profit was further worsened by a significant spike in corporate income tax (CIT) payments. Despite a 21% drop in pre-tax profit (from 6.2 to 4.9 billion tenge), CIT obligations rose by 66.7%, from 2.1 to 3.5 billion tenge.
UKTMP’s total assets grew by 27.4% year-on-year, reaching 253.1 billion tenge, while liabilities increased by 31.3% to 195 billion tenge. The plant’s ultimate controlling party is Johan Dumont, managing director of Specialty Metals Holding Company.
UKTMP specializes in producing titanium sponge, titanium ingots, and magnesium, primarily for the aerospace industry.
The plant’s strategic importance was underscored by remarks from Kazakhstan’s Minister of Industry Ersain Nagaspayev, who confirmed that French aerospace supplier Aubert & Duval, which serves Airbus, procures titanium sponge and ingots from UKTMP. These materials are used by UKAD, a Franco-Kazakh joint venture in which UKTMP holds a stake. UKAD, in partnership with the French government and Crédit Agricole, operates a major forging facility in France.
