KMG International posts $269 million net profit for nine months

Consolidated EBITDA grew by 73%, to $469 million. This was reported by the press service of KazMunayGas, writes Kapital.kz.

The bottom line

• Net profit for the nine months of 2026 - $269 million (up 219%), consolidated EBITDA - $469 million (up 73%).
• The Petromidia refinery in Romania processed 4.087 million tonnes of feedstock, about 97% of design capacity.
• Retail companies sold 2.272 million tonnes of petroleum products, 5% more than a year earlier.
• EBITDA of the retail segment - $87 million.

What the results show

EBITDA is a measure of profit before taxes, interest and depreciation; it reflects the result of core operations. At KMG International it grew by 73%, to $469 million, and net profit by 219%, to $269 million. Revenue is not given in the statement. The reasons for the net profit dynamics are not separately disclosed either.

Refining

The Petromidia refinery in Romania processed 4.087 million tonnes of feedstock over nine months, an average of 14.67 thousand tonnes per day. This is about 97% of design capacity. Output of petroleum products amounted to 3.977 million tonnes, including:

• diesel fuel - 1.793 million tonnes;
• gasoline - 1.103 million tonnes;
• Jet A-1 aviation fuel - 369 thousand tonnes.

Retail

Total retail sales of petroleum products grew by 5%, to 2.272 million tonnes. The growth is mainly due to increased wholesale sales in Romania and higher volumes in Moldova. Sales of non-fuel goods and services in Romania grew by 3%. EBITDA of the retail segment amounted to $87 million.

According to the company, it continues to implement measures to improve operational efficiency.

What this means for Kazakhstan

Within the country, the picture at KazMunayGas is different. Kalamkas-Khazar Operating, a joint company of KMG and Lukoil that is preparing blocks on the Caspian shelf for development, received a warning from auditors: due to US sanctions against Lukoil, doubts have arisen about the company's ability to continue operating. Its cash decreased from 6.3 billion tenge to 14.38 million tenge, and there is no revenue because the project has not yet reached production.

The Ministry of Energy and KMG settled out of court a dispute over the Dunga field in Mangistau: the issue was which historical costs of the contractor could be reimbursed from produced oil. The amount of compensation was not disclosed; KMG accounts for 60% of the project.

And to search for new reserves, KMG is creating a consortium with Shell, Chevron, Sinopec and CNOOC for seismic exploration and deep drilling in the Caspian. The timeline for the consortium's work has not yet been announced.

Author's conclusion

Profit growth is accompanied by high refinery utilization: Petromidia is operating at almost design capacity. The statement does not name which factors drove such growth, so for now one can only speculate about the reasons.