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Research on the relationship between the level of innovative activity and the profitability of enterprises in the oil and gas sector of Kazakhstan

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  • Olga Moskalenko

Abstract

The objective of this research was to assess how innovative activity influences the financial performance of enterprises in Kazakhstan’s oil and gas sector. The research was empirical and covered the period 2020-2024, using official financial statements of Joint Stock Company “KazMunayGas” and corporate documents on innovation programmes. The methodology combined statistical analysis of production volumes and financial dynamics with content analysis of strategic projects. Results showed that oil production fluctuated between 84-89.9 million tonnes, totalling 433.1 million tonnes, while gas production rose from 53-54 to 60.5 billion m³. In 2024, Tengiz, Karachaganak and Kashagan fields provided over 60% of national output (27.8, 12.4 and 17.9 million tonnes). Financial indicators reflected both innovation effects and market volatility: in 2020, net profit was only 172 billion tenge with revenue of 3,625 billion, while in 2022 profit peaked at 1,307 billion and revenue at 8,693 billion. By 2024, net profit reached 1,094 billion tenge, free cash flow 1,199 billion, and net debt fell to 1,163 billion – the lowest in five years. Investments in technological projects exceeded 250.8 billion tenge, with 98.2 billion for high-tech areas. More than 500 initiatives, including digital twins and artificial intelligence systems, were implemented in 2024. The results of this study can be used to develop an effective strategy for the innovative development of oil and gas enterprises in Kazakhstan in order to enhance their financial stability and competitiveness

Suggested Citation

  • Olga Moskalenko, 2026. "Research on the relationship between the level of innovative activity and the profitability of enterprises in the oil and gas sector of Kazakhstan," Management and Business Articles, Management and Business, vol. 4(1), pages 59-69, May.
    • Handle: RePEc:bdw:emsesd:v:4:y:2026:i:1:p:59-69
    DOI: https://doi.org/10.59214/mb/1.2026.59
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