Azat Elevator, linked to the agribusiness of one of Kazakhstan's wealthiest entrepreneurs, Bakhtiyar Ospanov, more than doubled its revenue in 2025. However, the enterprise remained loss-making for the second consecutive year, with liabilities exceeding assets by more than twice. This is according to the audited financial statements of Azat Elevator for 2025, published on the website of the Financial Reporting Depository. This was reported by Qazaqyia.kz citing Kursiv Media.
Azat Elevator is part of the assets of the Grain Consortium of Kazakhstan, which acts as an investor and participates in the restoration of the capacities of the group of former assets of Kazexportastyk. Ospanov himself ranks 75th in the ranking of the 75 richest businessmen of Kazakhstan for May 2026, with a fortune of $95 million.
The entrepreneur owns 75% of the Grain Consortium of Kazakhstan. The partner of the agricultural holding is the national managing holding Baiterek. The consortium includes 22 agricultural enterprises, six elevators, two flour mills, as well as trading and service structures. The land bank exceeds 900 thousand hectares, of which about 350 thousand hectares are used for crops.
In 2025, Azat Elevator received 1.135 billion tenge in revenue, compared to 563 million tenge a year earlier. Thus, the figure increased approximately twofold.
Almost all income came directly from the elevator business. Revenue from grain receiving, drying, storage, shipment, and processing amounted to 1.134 billion tenge, compared to 538.1 million tenge in 2024.
At the same time, the cost of sales also increased. In 2025, it reached 1.071 billion tenge, compared to 515.8 million tenge a year earlier. As a result, gross profit amounted to 64.7 million tenge, up from 47.2 million tenge.
However, the enterprise's administrative expenses more than doubled – from 139.2 million to 294.2 million tenge. In particular, expenses on salaries and related taxes reached 117.4 million tenge, banking services cost 84.5 million tenge, and fines and penalties – 28.2 million tenge.
As a result, the operating loss amounted to 285.5 million tenge. A year earlier, it was significantly higher – 1.462 billion tenge.
Despite business growth, the company remained in the red at the end of the year. The net loss of Azat Elevator amounted to 1.007 billion tenge. For comparison: in 2024, the enterprise lost 5.766 billion tenge. The annual loss decreased by approximately 82.5%, or almost six times.
One of the key factors continuing to weigh on the result is financial expenses. In 2025, they amounted to 1.916 billion tenge. At the same time, financial income reached 1.164 billion tenge. A year earlier, financial expenses were 4.842 billion tenge, and income – 533.3 million tenge.
The company's accumulated uncovered loss by the end of 2025 increased to 10.672 billion tenge, compared to 9.665 billion tenge a year earlier. Accordingly, equity remained negative and amounted to minus 10.672 billion tenge.
Liabilities of Azat Elevator at the end of last year reached 19.28 billion tenge, compared to 16.29 billion tenge a year earlier. At the same time, the company's assets were estimated at 8.61 billion tenge, compared to 6.63 billion tenge at the end of 2024.
The bulk of the debts are loans. Their carrying amount as of December 31, 2025, was 16.803 billion tenge, of which 14.99 billion tenge related to long-term liabilities and 1.813 billion tenge to the current portion of loans. A year earlier, the total amount of debt obligations was 14.831 billion tenge.
In January 2025, the company concluded a framework agreement with the Agrarian Credit Corporation to open a credit line of 10.7 billion tenge. The funds were intended to replenish working capital and fulfill monetary obligations to ADCB, according to the report. Under the line, the company concluded three separate loan agreements.
Azat Elevator itself is located in the Zerenda district of the Akmola region. The main activity of the enterprise is the reception, weighing, drying, cleaning, storage, and shipment of grain. At the end of 2025, the company employed an average of 87 people, compared to 71 a year earlier. The sole participant of the enterprise is LLP "Collection Agency Agro Group Collection". The ultimate controlling party is indicated in the report as Bakhtiyar Ospanov.