BAKU, Azerbaijan, August 25. Operating expenses of Kazakhstan’s KazMunayGas National Company (KMG) for the first half of 2022 increased by 54.2 percent compared to the first half of 2021 and amounted to 482 billion tenge ($1.07 billion), Trend reports citing the KMG.
This is mainly due to increased losses from oil derivatives of KMG International N.V. and growth of expenses for wages to employees in the regions of presence in general for KMG.
Transportation and distribution costs amounted to 70 billion tenge ($155 million), up to 6.5 percent compared to the first half of 2021.
General and administrative expenses increased by 17 percent to 67 billion tenge ($148 million), due to an increase in employee salaries.
Taxes other than income tax increased by 53.3 percent in the first half of 2022 to 291 billion tenge ($647 million), mainly as a result of higher rent tax and MET expenses due to higher oil prices.
Finance costs for the first half of 2022 amounted to 153 billion tenge ($341 million), which is 32.4 percent more than in the first half of 2021, mainly due to an increase in interest expense on loans and bonds due to the weakening of the average tenge exchange rate, as well as in connection with the write-off of previously recognized costs due to the early repayment of a loan from Eximbank.
