Kazakhstan's Keruen Logistics, half-owned by Yerlan Issekeshev, the elder brother of former Astana mayor and ex-presidential aide Aset Issekeshev, reported a net loss of 24.9 million tenge for 2025, according to infohub.kz.
A year earlier, the company's negative financial result stood at 18.6 million tenge, as per its financial statements. The company has generated no revenue for the second consecutive year. All losses stem from administrative expenses, which rose from 18.1 million to 25.3 million tenge over the year.
Financial income for 2025 amounted to just 61,000 tenge. Pre-tax loss reached 25.3 million tenge, compared with 18.7 million tenge in 2024, while income tax savings totaled 328,000 tenge.
Despite its name, Keruen Logistics specializes in exploratory drilling for oil and gas, raw material extraction, and preparation for transport. Since March 11, 2022, the firm has held a contract for hydrocarbon exploration and production at the Yuzhnaya Karamanata site in the Mangystau region. The contract runs for six years, until March 2028.
In addition to Yerlan Issekeshev, the business is equally co-owned by Zhong Hong Technology Kazakhstan, which is owned by China's Zhonghong Exploration Equipment Technology (Hainan) Co., Ltd. The company's charter capital is 500,000 tenge.
Yerlan Issekeshev is a managing partner at the investment fund Falah Partners. In previous years, he served as commercial and general director of Karaganda Zhylu, headed Karaganda Zharyk, held the post of deputy akim of Karaganda region, and was a member of the board of directors of Samruk-Energy.