EM CEEMEA CREDIT: KazMunayGas: H1 25 Results - Solid
Aug-21 16:09
(KZOKZ: Baa1/BB+/BBB)
- Good profitability and free cash flow generation, with modest leverage bodes well for the credit. KazMunayGas gave an operating update at the end of July which was solid (see link for full analysis: https://mni.marketnews.com/4mcB0mw). Increased volumes didn’t offset the weaker pricing environment with revenues -6.9% y/y at $8.8bn. However, EBITDA was solid at +1% y/y at $2.23bn, the main difference vs last year was the share from JV’s which grew+14% y/y to $681mn.
- FCF generation was solid at $1.3bn and net debt fell to $1.55bn from $2.2bn, giving a modest leverage of 0.36x at the end of June 25.
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