Kazakhstan's largest coal mining company, Bogatyr Komir, reported a net profit of 29.1 billion tenge for 2025, nearly 43 times higher than the previous year's 677 million tenge, according to infohub.kz.
According to the financial statements, the company's annual revenue increased by 38.8% to 192.2 billion tenge from 138.5 billion tenge. Gross profit rose to 61 billion tenge from 26.1 billion tenge.
Operating profit reached 40.4 billion tenge, compared to 6.4 billion tenge a year earlier. Profit before tax amounted to 35.9 billion tenge, whereas in 2024 it did not exceed 662 million tenge.
The report also notes that during 2025, the company's sole shareholder, Forum Muider Limited, completed its redomiciliation from Cyprus to the Astana International Financial Centre.
In addition, the ownership structure of Forum Muider Limited itself changed. By the end of 2025, the stakes of Samruk-Energy and Russia's RUSAL had decreased to 35% each (previously they each owned 50%), with Qatar's Primet LLC acquiring a 30% stake.
As Forbes previously noted, Primet LLC has two founders: Joseph Nazih Karam and Prime Mining and Energy, the latter registered in a UAE free zone.
Bogatyr Komir conducts open-pit coal mining at the Ekibastuz coal deposit in Pavlodar region. The company operates the Bogatyr and Severny open-pit mines. The coal mining contract was signed in 2002 for a 45-year term.
Earlier, Kursiv reported that Kazakhstan would increase supplies of Ekibastuz coal to Russia.