Stable outlook
S&P Global Ratings upgraded the Company’s national scale (Kazakhstan) rating from kzA+ to kzAA-
4.4 Sustainability Report: G Aspect
4.4.2. Economic performance
4.4.2.1. Management approach
GRI 3-3
The economic component of the activities of Kazakhtelecom JSC plays an important role in strategic planning, both for the Company itself and for the economy of the state. It is aimed at the enhancement of the long-term value of the Company for shareholders and investors, which is one of the strategic priorities of the Company.
Being the largest telecommunications operator of the Republic of Kazakhstan, the Company strives to make a substantial contribution to the modernization and diversification of the economy of the country and contributes to the sustainable development of local communities.
GRI 201-1
Kazakhtelecom JSC strives to make a substantial contribution to the socio-economic development of the regions of its presence.
Direct economic value is created by the Company through main activities that bring income. The distribution of the economic value created occurs in the process of payments of wages to employees, payments of dividends to shareholders, as well as taxes and other payments in favour of the state; the carrying out of procurement of goods and services and voluntary social investments. For more on this, read in the sections “Relations with employees” and “Local communities”.
In 2025, Kazakhtelecom JSC took a decision on the payment of record dividends based on the results of 2024, which ensured significant receipts to the budget of Kazakhstan, taking into account the high share of the state in the Company’s capital. At the same time, the value of shares exceeded KZT 43 thousand and S&P Global Ratings upgraded the rating of the company on the national (Kazakhstani) scale from kzA+ to kzAA-, improving the outlook to the level “Stable” and confirmed the long-term credit rating at the BB level.
The Company strives to maintain a balanced approach to the distribution of profit, combining the fulfilment of obligations to shareholders with investments in the modernization of infrastructure, the development of new technologies and the long-term growth of business.
In the reporting period, the economic value distributed by the Company exceeded the economic value generated for the year, mainly due to the declaration and payment of dividends on ordinary and preferred shares in significant volume. As a result, the “Economic value retained” indicator under the GRI 201-1 standard disclosure was formed with a negative value. This deviation is conditioned by the adopted dividend policy and the shareholders’ decisions on profit distribution, and does not reflect a deterioration in the Company’s operating or financial performance.
kzAA-
GRI 2-6, GRI 201-1
Table 73. Direct economic value created and distributed for 2025, KZT million A
| Indicator | 2025 |
|---|---|
| 1. Direct economic value generated | 368,988 |
| Income (revenue) | 347,732 |
| Income from financial investments | 19,266 |
| Other receipts | 1,990 |
| 2. Economic value distributed | 697,634 |
| Operating expenses | 186,812 |
| Wages, other payments and benefits to employees | 116,543 |
| – including wages | 101,293 |
| – including other payments and benefits to employees | 15,250 |
| Payments to providers of capital | 318,553 |
| – dividends | 293,082* |
| – financial expenses | 25,450 |
| Payments to the state | 44,652 |
| – corporate income tax | 75,746 |
| Investments in local communities | - |
| 3. Economic value retained | (328,647) |
* Share of net profit for the period: 1) 100% of consolidated net income for 2024 and from part of the retained earnings of previous years; 15.00% of consolidated net income for 2025 less profit from discontinued activities and from the revaluation of long-term receivables from the transaction on the sale of the share in Mobile Telecom-Service LLP.
GRI 201-4 А
Financial assistance received from government, KZT billion A
| Indicator | 2025 |
|---|---|
| Tax exemptions and tax credits | 1.990 |
| Subsidies | 7.947 |
| Investment grants, research and development grants and other relevant types of grants | 0 |
| Awards | 0 |
| Royalty exemption | 0 |
| Financial assistance from export credit agencies | 0 |
| Financial incentives | 0 |
| Other financial benefits received or to be received from any government body | 0 |
| Total financial assistance received from the state | 9,937 |
