Kazphosphate, a company engaged in phosphate ore mining and fertilizer production, posted a net loss of 14.65 billion tenge for 2025. Its owners include Russian billionaire Vladimir Kim and the sons of former Majilis speaker Nurlan Nigmatullin, reports infohub.kz.
According to the 2025 annual report, the company's loss more than halved from the previous year, when it stood at 33.2 billion tenge.
Revenue from customer contracts surged 80% to 217.9 billion tenge, while cost of sales rose 67% to 159.8 billion tenge.
The bulk of revenue comes from sales of ammophos, a nitrogen-phosphorus fertilizer. Revenue from its sales jumped 84% to 190 billion tenge. Another 24 billion tenge came from crushed ore sales. The increase in cost of sales was driven mainly by a 33% rise in raw materials and supplies costs to 80 billion tenge, and a 77% increase in payroll expenses to 17 billion tenge.
Selling and distribution expenses grew 40% to 23.9 billion tenge, while general administrative expenses fell to 14.3 billion tenge.
As a result, operating profit amounted to 11.6 billion tenge, but it was wiped out by financing costs of 14.6 billion tenge and a significant foreign exchange loss of 5 billion tenge. A year earlier, the company had recorded a foreign exchange gain.
Income tax expense was 6 billion tenge. In the previous year, due to an operating loss, the company saved 5 billion tenge in taxes.
Total loans extended to the company by Halyk Bank, Kazakhmys, and various related parties reached 156 billion tenge by the end of 2025.
Kazphosphate mines and processes phosphate ore and produces mineral fertilizers. It develops the Chulaktau, Aksai, Koksu, Kistas, and Zhanatas deposits in the Zhambyl region. It owns a mineral fertilizer plant in Taraz and a chemical plant in Stepnogorsk.
Kazphosphate is owned by CAF Holding, registered in the Astana International Financial Centre (AIFC). Its shareholders are KP Fertilizers Ltd. (AIFC) with 50%, Kazakhmys Resources B.V. with 40%, and brothers Nurlanov Nurkhan (5%) and Nurlanov Nurzhan (5%), sons of former Majilis speaker Nurlan Nigmatullin.
The Dutch company Kazakhmys Resources B.V. appears to be linked to billionaire Vladimir Kim, whose fortune is estimated at $5.9 billion. He was previously listed as its owner.
KP Fertilizers Ltd. is owned by Kazkhimprom Holding. Its shareholders are former top managers of Uralchem: Russians Yevgeny Shavel with a 33.34% stake, Mikhail Genkin with 33.33%, and Sergei Momtselidze with 33.33%.
Earlier it was reported that Kazakhmys Copper, owned by Vladimir Kim, would pledge $250 million held in its accounts at Bank RBK as collateral for loans to phosphate companies, in which Kim also holds a stake.