Revenue and other income
During 2019, our revenue decreased by 1.9% year-on-year to KZT 6,859 bln (USD 17,915 mln). The downtrend was mainly attributable to the decrease in average Brent prices by 10.0% and the decrease in KMG International’s (KMG I) crude oil sales volumes, which was partially offset by increased gas exports to China and tenge depreciation against US Dollar by 11.0%. The crude oil sales of KMG I decreased by 13.2% year-on-year to KZT 1,567 bln (USD 4,092 mln). Gas export increased by 22.9% and amounted to KZT 674 bln (USD 1,761 mln).
The earnings from shares in the net profit of joint ventures and associates of KMG increased by 18.7% year-on-year to KZT 828 bln (USD 2,163 mln). The increase is mainly the result of a full recovery of accumulated unrecognized shares in the loss of Asia Gas Pipeline LLPAGP is a joint company of KazTransGas JSC (100% KMG subsidiary) and Trans-Asia Gas Pipeline Company Limited (shareholder – CNODC, CNPC subsidiary). to the amount of KZT 168 bln (USD 439 mln).
Finance income for 2019 increased by 49.6% year-on-year to KZT 241 bln (USD 629 mln). The increase was mainly driven by derecognition of loans from partners of the Pearls project for the total amount of KZT 111 bln (around USD 290 mln) due to the partners’ decision to voluntarily relinquish the contract area under the Pearls PSA.