I would like to draw your attention to the annual report of
Samruk-Kazyna Construction JSC for 2020.
The company ended 2020 with stable production and
financial performances: facilities were put into operation
in Turkestan City and Turkestan Oblast, among them:
Palace of Schoolchildren, Congress Hall, Museum of H.A.
Yassaui, Administrative building in Turkestan City (Digital
office), Stadium for 7000 seats, the facilities in Nur-Sultan
City – Kazakh Drama Theatre and Athletics Sports Complex
were commissioned, a residential complex was put into
operation in Ust-Kamenogorsk City along I. Essenberlin
Avenue, as well as the residential complex in Almaty City –
Vostochka; the obligations to repay debt on loans and to
redeem the bonds have been fulfilled in the amount of 39.1
billion tenge, which is 12% higher than in 2019. Net income
increased to 6.8 billion tenge, which is slightly higher than
the indicator for the period in the previous year.
In accordance
with the approved Strategy of Development until 2028, work
continues in 4 main areas of activity:
- – Completion of participation in the state programs;
- – Property management;
- – Construction management; and
- – Trust management of the company’s interests at the design
and construction stage.
In 2020, the rating agency Fitch Ratings has revised the longterm issuer default ratings (IDRs) of
Kazakhstan’s SamrukKazyna Construction JSC in foreign and local currency from
BB + to BB. The ratings outlook is Stable. These rating actions
are due to the revision of the assessment of the factor of
support of the Company from the state in connection with
the expected change in the structure of the company’s
funding.
On 17 November 2020, the Analytical Credit Rating
Agency assigned a BB + international scale credit rating to
the Company with a Stable outlook. In a press release, ACRA
noted a high level of systemic importance and a very strong
degree of government influence. The operating indicators of
the Company are on average predictable and stable, primarily
due to income from rent of residential and commercial real
estate. Financing and construction of facilities under the main
state programs have been completed at the moment.
The successful experience and practice of the implemented
projects of the company instil confidence that the strategic
goals will be achieved in 2021 as well.
The main activity of
the Company in 2021 is focused on the implementation of
the investment projects such as: sale of the premises and
exit from the project of the residential complex Vostochka
in Almaty City, commissioning, sale of the premises and exit
from the project of the residential complex Bavaria in Aktobe
City, commencement of construction and installation works,
commissioning and sale of the premises under the project
of the residential complex within the EXPO area in Nur-Sultan City (2021–2022), partial commissioning
and sale
of the premises in Akkent residential microdistrict in Almaty
City (2021–2023).
I am sure that we have all the necessary tools for effective
development and implementation of the strategic tasks
assigned to us by the Government of the Republic of
Kazakhstan and the Sole Shareholder.
I would like to thank the team and partners of the Company
for their contribution to the achievement of performances
and wish new achievements next year!
B. Sandykbayev
In 2020, the construction of
of VOSTOCHKA.KZ residential
complex was completed
