Kazakhstan's Ulba-TVS posts $24M profit on China nuclear fuel exports
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Kazakhstan's Ulba-TVS, which produces nuclear fuel assemblies for Chinese nuclear power plants, reported a net profit of 11.83 billion tenge ($24 million) in 2025, reversing a 16.06 billion tenge loss in 2024. The company's gross profit rose to 17.64 billion tenge from 13.54 billion tenge a year earlier.
Financial Turnaround
Ulba-TVS, a subsidiary of Kazakhstan's national atomic company Kazatomprom, reported a net profit of 11.83 billion tenge ($24 million) for 2025, compared to a net loss of 16.06 billion tenge in 2024. The company's gross profit increased to 17.64 billion tenge from 13.54 billion tenge. Revenue figures were not disclosed in the report.
China Nuclear Fuel Supply
The company produces fuel assemblies for Chinese nuclear power plants under a long-term contract. In 2025, Ulba-TVS supplied fuel to multiple Chinese reactors, with exports accounting for the majority of its revenue. The turnaround follows a period of operational challenges in 2024.
What's Next
Ulba-TVS is expected to continue deliveries to China under existing contracts through 2026. It remains unclear whether the company can sustain profitability amid fluctuating uranium prices and potential changes in Chinese demand.
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Kazakhstan's Ulba-TVS posts $24M profit on China nuclear fuel exports
