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Chagala Group sees 2017 earnings, revenue decline impacted by economic slowdown in Kazakhstan

The investor in specialist services and facilities providers to the oil and gas industries in Kazakhstan saw its EBITDA fall to US$6.4mln for the year ended 2017, down from US$7.7mln a year earlier
Kazakh oil field
Chagala saw its net profit edge up to US$0.9mln, from US$0.8mln in 2016, while total assets fell to US$87.7mln, down from US$92.1mln

Chagala Group Limited (LON:CGLO) saw its underlying earnings (EBITDA) and revenue decline in 2017 impacted by an economic slowdown in Kazakhstan.

The London-listed investor in specialist services and facilities providers to the oil and gas industries in Kazakhstan saw its EBITDA fall to US$6.4mln for the year ended 2017, down from US$7.7mln a year earlier, as revenue declined to US$19.1mln, down from US20.3mln.

READ: Chagala Group reaches settlement with TIPP Investments

The firm saw its net profit edge up to US$0.9mln, from US$0.8mln in 2016, while total assets fell to US$87.7mln, down from US$92.1mln.

Svetlana Mendesh, Chagala’s chief financial officer, said: "At a time when global uncertainty, economic slowdown in the region and unstable financial markets continue to challenge the industry we operate in, Chagala Group achieved strategic objectives set by stakeholders, and delivered the required operating and financial results to continue into a healthy future.

“This solid performance and the stability of our growth continue to make Chagala Group a partner of choice for shareholders and clients.”

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