Qarmet swings to profit in 2025, revenue up 10.3% to 1.1 trillion tenge

September 5, 2026 at 10:38 AM1 min

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Qarmet reported a consolidated net profit for 2025 under IFRS, audited by Tsentraudit-Kazakhstan. Revenue rose 10.3% to 1.1 trillion tenge, and steel production increased from 3.5 million to 3.8 million tonnes. The company also cut cost per tonne by 7% to 239,000 tenge, lifting gross margin to 17.3%.

Key Facts

Qarmet's revenue reached 1.1 trillion tenge in 2025, up 10.3% year-on-year.
Steel production increased from 3.5 million tonnes in 2024 to 3.8 million tonnes in 2025.
Cost per tonne of steel fell 7% to 239,000 tenge, from 257,000 tenge in 2024.
Operating profit more than doubled to 144 billion tenge from 68.3 billion tenge.
Long-term financial liabilities rose to 589 billion tenge from 134 billion tenge after two bond issues totalling $1 billion.

Financial Performance

Qarmet's gross profit nearly doubled to 190.2 billion tenge, lifting gross margin from 9.6% to 17.3%. Operating profit rose to 144 billion tenge from 68.3 billion tenge a year earlier. The company reported a net cash inflow from financing activities of 398 billion tenge in 2025, up from 173 billion tenge in 2024. Cash and cash equivalents increased almost fivefold to 72 billion tenge.

Debt Restructuring

In 2025, Qarmet placed two bond tranches totalling $1 billion with maturity in 2032. Long-term financial liabilities rose to 589 billion tenge from 134 billion tenge, shifting the company away from short-term bank loans. The latest bond placement was priced at under 9%, which the company considers a good result.

Capital Investment

Cash outflows for property, plant and equipment acquisitions increased to 294.8 billion tenge in 2025 from 179.4 billion tenge in 2024. At year-end, Qarmet had 568.8 billion tenge in contractual obligations for capital projects. Total assets grew to 1.76 trillion tenge from 1.35 trillion tenge, with fixed assets rising to 1.02 trillion tenge from 901 billion tenge.