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The financial health and executive compensation at Kazakhtelecom have come under public scrutiny, prompting a closer look at the company's 2025 audit report. This comprehensive 118-page document sheds light on the telecommunications giant's revenue streams, expenditures, state subsidies, and financial obligations.

Who Owns Kazakhtelecom?

The sovereign wealth fund 'Samruk-Kazyna' remains the majority shareholder, holding a substantial 79.2% stake in Kazakhtelecom. Additional shares are distributed among 'Telecom Systems LTD', owned by millionaire Nurlan Artykbaev (8%), the 'Social Development Fund' (3.4%), and American Depositary Receipts (0.6%). The remaining 8.8% is held by other shareholders.

Assets and Revenue Performance

The Kazakhtelecom group's total assets are valued at 1.4 trillion tenge. However, its circulating assets stand at a more modest 247.2 billion tenge, indicating a relatively low cash reserve.

In 2025, the company reported a total revenue of 568.2 billion tenge, marking an 18% increase compared to the previous year. Individual subscribers accounted for the largest portion of this revenue (56%). Internet services, specifically data transmission, generated the most income at 283.4 billion tenge. Telephone communication services contributed 103.5 billion tenge, while sales of phones and equipment brought in 56.2 billion tenge.

Net Profit and Asset Sales

The net profit from Kazakhtelecom's core operations was 34.5 billion tenge. However, the reported total net profit reached 141.9 billion tenge. This significant difference is largely attributed to the sale of the mobile operator 'Tele2/Altel' to Qatar's Power International Holding for 107.5 billion tenge. Excluding this one-time sale, the company's actual profit was considerably lower.

Government Support and Debt Load

Kazakhtelecom consistently receives substantial state support, with annual subsidies and compensations averaging around 30 billion tenge. In 2025, the company received 21.3 billion tenge for the use of radio frequencies and an additional 7.9 billion tenge for operating in rural areas. These funds are earmarked for the development of internet infrastructure.

By the end of 2025, Kazakhtelecom's total debt had climbed to 673.5 billion tenge. The largest creditor is 'Samruk-Kazyna' fund, to which the company owes 183.6 billion tenge. A concerning indicator is that the company's short-term liabilities exceed its circulating assets by 123.1 billion tenge, suggesting potential difficulties in meeting immediate financial obligations.

Executive Compensation and Dividends

In 2025, executive management at Kazakhtelecom received 752.3 million tenge in bonuses, a 17% decrease from 2024. Shareholder dividends saw a dramatic increase, reaching 293.4 billion tenge in 2024, an eightfold rise compared to the previous year.

Service Pricing

Early in 2026, some subscribers noticed an increase in communication service prices. Kazakhtelecom attributed this rise to the Value Added Tax (VAT) rate increase from 12% to 16%. The company also stated that providing internet services to individual users is currently unprofitable.

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