Ex-lawmaker's firm profit drops by 1 billion tenge

The net profit of the road construction company "Zhol", controlled by the family of former Almaty maslikhat deputy Yerken Belgibayev, decreased 5.6 times in 2025, from 1.48 billion to 265.4 million tenge, i.e. by 1.2 billion tenge, reports infohub.kz.

At the same time, the company's revenue increased from 14.5 billion to 15.5 billion tenge, according to its financial statements. Despite the increase in sales revenue, the cost of work rose from 11.7 billion to 14.1 billion tenge, causing the gross profit of "Zhol" to almost halve – from 2.77 billion to 1.44 billion tenge.

The company's administrative expenses increased from 758.1 million to 844.4 million tenge. Other expenses amounted to 327.9 million tenge (a year earlier the company had income of 13.5 million tenge under this item), while financial income rose from 15.3 million to 90.8 million tenge. As a result, profit before tax fell from 2.04 billion to 358.9 million tenge.

The company "Zhol" was registered in 2004 in the village of Kargaly, Almaty region, and specializes in road construction and extraction of inert materials.

The company is a major state contractor. According to the public procurement portal, since 2016 the firm has fulfilled 50 contracts on the platform, with a total value of 76.5 billion tenge.

It was previously noted that among the company's key projects are the medium repair of Raiymbek Avenue, streets in the Auezov district, as well as the construction of roads in the Kairat and Almerik microdistricts.

The parent company of "Zhol" with a 100% stake is "Sadaf Service". Ultimate control over the business is shared by five people, each holding an equal 20% stake.

These are four members of one family: Yulia, Yerken, Temirlan and Renat Belgibayev, as well as Enlik Buriyeva.

The head of the Belgibayev family, Yerken, previously served as a deputy of the Almaty regional maslikhat, according to media reports. Before coming under the Belgibayevs' control in 2008, the company belonged to Seitzhan Yesimov, the brother of former Almaty mayor Akhmetzhan Yesimov.