KazMunaiGas Exploration Production reported a 12 percent increase in 2010 net profit, after oil prices and production rose, Reuters reported.
London-listed KazMunaiGas EP, Kazakhstan's second-largest oil producer, said on Thursday 2010 aftertax profit rose to 234.5 billion tenge ($1.59 billion).
The unit of Kazakh state oil and gas firm KazMunaiGas said the average price of Brent crude rose 28 percent last year to $79.2 per barrel.
"We remain confident that the business will successfully continue to grow and strengthen in 2011 as planned," chief executive Kenzhebek Ibrashev said, citing more effective operations, cost reductions and exploration.
KazMunaiGas EP raised crude oil output 16 percent last year to 13.29 million tonnes, or 270,000 barrels per day, mainly due to its December 2009 acquisition of a 33 percent stake in PetroKazakhstan Inc, majority owned by China's state-run CNPC.
The company forecast consolidated production would rise 2 percent this year to 13.5 million tonnes.
