ALMATY, Kazakhstan (Dow Jones)--London-listed Kazakh oil and gas producer JSC KazMunaiGas Exploration Production (RDGZ.KZ) said Monday its net income rose 53% on year to 103.5 billion tenge ($840 million) in the first nine months of this year on higher crude oil prices and inclusion of Kazgermunai.
"We have seen an immediate financial and production benefit from the acquisition of our stake in Kazgermunai, and we expect the growth trend enjoyed during the first nine months of the year to continue going forward," Chief Executive Askar Balzhanov said in a statement.
KazMunaiGas Exploration Production, or KMG EP, said it received $300 million in dividends from Kazgermunai 50% of which it had acquired earlier this year.
KMG EP said the net income rise is "attributable to higher prices received for crude, a favorable movement in the export to domestic sales mix, inclusion of Kazgermunai results, increased financial income and some decrease in the effective tax rate." The company said these positive results "were partially offset by increases in foreign exchange loss and operating expenses.
KMG EP's average daily production was over 209,930 barrels of oil per day, the company said.