Chagala Group Limited (LON:CGLO), which provides services and facilities to the Kazakhstan’s oil and gas industry, saw operating profits grow 18% in the first half and said it expects to “continue to deliver improved results”.
The company posted operating profits of US$2.15mln, up from US$1.75mln a year earlier, on revenues of just over US$10mln. Pretax profits more than doubled to US$1.49mln.
Among the operational highlights was the award of a new lease agreement for office space with the North Caspian Operations Company in Atyrau, a region of western Kazakhstan.
It also completed the reconstruction and refurbishment of an office building in the city of Uralsk.
The development has been earmarked the headquarters of the Karachaganak Petroleum Operating consortium, one of the largest companies involved in the development of gas condensate fields in Kazakhstan.
“The market we operate in is constantly changing and is not always providing us with many easy opportunities,” said Svetlana Mendesh, Chagala chief financial officer.
“But I am cautiously optimistic about this year and I believe many of the pieces are in place to make 2016 a good year for Chagala Group and on behalf of the group, I would like to thank our clients, partners and staff for their support and trust.”