Results Report January-December 2018


Almaty, 11 March 2019 – Kcell Joint Stock Company (“Kcell” or the "Company") (LSE,
KASE: KCEL), the leading provider of mobile telecommunications services in Kazakhstan, announces its results for the financial year ended 31 December 2018.

Fourth quarter

  • Net sales increased by 0.1 percent to
    KZT 38,254 million (38,212). Service revenue declined by 3.2 percent to KZT 33,469 million (34,559).
  • EBITDA, excluding non-recurring items, decreased by 7.8 percent to KZT 14,301 million (15,503) with EBITDA margin of 37.4 percent (40.6). 
  • Operating income, excluding non-recurring items, decreased by 22.5 percent to KZT 7,289 million (9,408).
  • Net finance cost down 2.5 percent to
    KZT 2,446 million (2,508). 
  • Net income decreased by 19.8 percent to
    KZT 3,661 million (4,564).
  • Free cash flow increased to KZT 4,216 million (2,710).
  • During the quarter, the Company’s subscriber base declined to 8,969 thousand customers (9,234).


Full year

  • Net sales increased by 1.5 percent to
    KZT 149,701 million (147,475). Service revenue down 3.0 percent to KZT 131,373 million (135,407).
  • EBITDA, excluding non-recurring items, decreased by 8.3 percent to KZT 50,943 million (55,560) with the EBITDA margin of 34.0 percent (37.7). 
  • Operating income, excluding non-recurring items, down 25.0 percent to KZT 24,311 million (32,414).
  • Net finance cost decreased by 6.7 percent
    to KZT 8,792 million (9,419). 
  • Net income decreased by 27.1 percent to
    KZT 8,531 million (11,699).
  • Free cash flow decreased to KZT 8,319 million (10,899).
  • During the reporting year, the customer base decreased to 8,969 thousand (10,009). This was due to higher churn of inactive promo SIM cards as a result of the revised strategic priorities – moving from quantity driven distribution to value driven acquisition.


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