BAKU, Azerbaijan, August 25. QazaqGaz recorded a net profit of 41.79 billion tenge ($91.21 million) for the first six months of 2026, representing a 61.65% decline compared to 108.97 billion tenge ($237.8 million) reported in the same period of 2025.
This was announced in a financial statement published by the QazaqGaz.
According to the statement, in the second quarter of 2026 (April–June), the company's net profit reached 88.37 billion tenge ($192.86 million), down 8.1% from 96.17 billion tenge ($209.88 million) earned in Q2 2025.
''Despite the decrease in overall net profit, revenue from contracts with customers grew by 13.22% in the first half of 2026, reaching 720.79 billion tenge ($1.57 billion), up from 636.64 billion tenge ($1.39 billion) in the first six months of 2025,'' the financial statement indicates.
QazaqGaz reduced its consolidated gross loss for the six-month period to 48.90 billion tenge ($106.71 million), compared to a gross loss of 123.94 billion tenge ($270.47 million) recorded in 1H 2025.
The company's performance was further supported by its share of profit from joint ventures and associates, which contributed 145.36 billion tenge ($317.22 million) during the six-month period, compared to 161.03 billion tenge ($351.38 million) in the corresponding period of last year.
As of June 30, 2026, total assets of QazaqGaz stood at 5.22 trillion tenge ($11.39 billion), up from 4.67 trillion tenge ($10.19 billion) at the end of 2025. Currency conversions are based on the official exchange rate of $1 = 458.23 tenge as of August 21, 2026.
According to Trend analysis, QazaqGaz's financial results reflect a widening gap between revenue growth and bottom-line performance. The increase in operating revenue indicates stronger commercial activity and the effect of tariff adjustments, while profitability remains constrained by the company's role in ensuring domestic gas supply and meeting regulated-market obligations.
The significant narrowing of the gross loss points to improving cost efficiency and could indicate that recent pricing and operational measures are beginning to have an effect. However, the decline in earnings from joint ventures and associates suggests that external income sources provided somewhat less support than in the previous year.
The continued expansion of the company's asset base points to an ongoing investment cycle focused on gas transportation infrastructure, network modernization and field development. These investments could strengthen QazaqGaz's long-term capacity to meet growing domestic demand, although they also imply sustained capital requirements and pressure on financial resources.
