Kenes Rakishev’s Fincraft Resources Cuts H1 Loss 21-Fold as Kaznickel Sale Drags On

The H1 2026 Numbers Behind Fincraft Resources’ Narrower Loss

Fincraft Resources, the industrial holding ultimately controlled by Kazakh businessman Kenes Rakishev, reported a first-half 2026 net loss of 4.8 million tenge, according to KASE data. That was 21 times smaller than in the same period a year earlier.

The improvement was driven mainly by continuing operations, which earned 124.6 million tenge, up 73.3% year-on-year. Losses from discontinued operations narrowed by 25.2% to 129.3 million tenge. Financial income rose 17.9% to 409.5 million tenge, and the company disclosed that this income came from transactions with its ultimate controlling shareholder.

On the balance sheet, assets were nearly unchanged at 27.3 billion tenge. Long-term assets stood at 11.4 billion tenge, almost entirely in the form of issued loans, while short-term issued loans declined 23.1% to 6.5 billion tenge. Liabilities eased 0.9% to 13.3 billion tenge, with short-term accounts payable of 8.8 billion tenge accounting for nearly all short-term obligations.

The company’s stake in Kaznickel remains classified as held for sale. Fincraft decided in 2023 to sell 100% of the enterprise, but the process is now in its third year. At the end of June, Kaznickel’s assets were valued at 7.1 billion tenge and its liabilities at 745.1 million tenge. Fincraft Resources also created a new subsidiary, CH Arkhat Minerals Limited, with charter capital of 49.7 million tenge.

Inside the Improvement: Related-Party Loans and the Kaznickel Overhang

The following is interpretation based on the KASE disclosures.

The profit swing leans on Rakishev-linked financing income

The headline loss reduction is real, but the income mix shows dependence on the controlling shareholder. Financial income of 409.5 million tenge, up from 347.3 million tenge a year earlier, was received from Kenes Rakishev’s side. At the same time, long-term loans to the ultimate controlling party stood at 12.4 billion tenge at end-June. This means a large share of reported earnings is interest or fee income from an entity that is also Fincraft’s main owner, not from external customers.

Kaznickel is now a three-year disposal overhang

The decision to sell Kaznickel was taken in 2023, and the asset has still not been transferred to a new owner. With 7.1 billion tenge of assets and 745.1 million tenge of liabilities held for sale, the unit ties up capital while losses from discontinued operations keep reducing the bottom line. The longer the disposal takes, the more the carrying value and final sale terms may become a point of focus for minority shareholders and creditors.

The balance sheet is dominated by intra-group loans

Long-term assets are essentially a loan book: 11.3 billion tenge of the 11.4 billion tenge long-term portion consists of issued loans. Even after a 23.1% reduction in short-term issued loans, those still total 6.5 billion tenge. Meanwhile, the company carries 8.8 billion tenge of accounts payable and an uncovered loss of 19.6 billion tenge. The structure suggests recovery of related-party receivables and a successful Kaznickel exit are the two main variables for strengthening Fincraft’s standalone financial position.

What These Results Mean for Fincraft’s Investors and Creditors

For investors and counterparties following Fincraft Resources, the first-half disclosure highlights a small set of concrete checkpoints.

• Minority shareholders should examine whether the 73.3% rise in continuing-operations profit can be sustained without the 409.5 million tenge of financial income linked to the controlling shareholder.
• Creditors should track the 8.8 billion tenge accounts payable against the recoverability of 12.4 billion tenge long-term loans to Kenes Rakishev’s side; this relationship is central to the company’s cash position.
• Potential buyers of Kaznickel should use the disclosed 7.1 billion tenge asset value and 745.1 million tenge liabilities as a starting point, but note that the sale has been unresolved since 2023, suggesting price or structural terms have not yet cleared.
• Fincraft’s management could expect the discontinued-operation drag to ease only if the Kaznickel sale actually closes; until then, net income is likely to remain sensitive to intra-group loan income and small operating gains.