Alseko, the utility payments operator owned by Kazakhstan's wealthiest businessman Vyacheslav Kim, posted a net profit of 1.33 billion tenge for 2025, a 33% increase from the 1 billion tenge profit in 2024, according to infohub.kz.
According to the consolidated financial statements, the company's revenue for the year rose to 5.3 billion tenge, up from 3.4 billion tenge the previous year. The cost of services sold increased to 2.97 billion tenge, but gross profit still grew from 1.65 billion to 2.34 billion tenge.
Operating profit reached 1.55 billion tenge, compared to 1.2 billion tenge in 2024. Pre-tax income stood at 1.7 billion tenge, with corporate income tax expenses of 370.9 million tenge.
In 2025, the group expanded its presence in settlement centers. In June, Alseko acquired a 92.25% stake in Astana-ERTs. As a result, by the end of the year, the company owned 100% of this enterprise. For comparison, as of December 31, 2024, it held only a 7.75% stake.
Additionally, in July 2025, IT Tech Company gratuitously transferred a 55% stake in Mangistau-ERTs to Astana-ERTs. After the deal, Astana-ERTs' stake in the company increased to 85%, up from 30% a year earlier.
The sole shareholder of Alseko remains Vyacheslav Kim, Kazakhstan's richest businessman. According to Forbes, his fortune is estimated at $7.8 billion.
Alseko handles utility billing, calculation and processing of consumer payments, maintains databases of utility consumers, and develops software.
Earlier, Kursiv reported that Yuri Fedortsov, the sole member of the management board and CEO of Alseko, received remuneration of 45.5 million tenge for 2025, including salary and bonuses. It was also reported that Almaty's largest settlement center was found to have illegally charged certain utility payments.