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ISSN: 2306-3483 (Online), 2071-8330 (Print)

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Competitiveness and Economic Profit Analysis of Kazakhstan’s Poultry Companies

Vol. 12, No 2, 2019


Petr Hájek


Unicorn College,

Czech Republic

Competitiveness and Economic Profit Analysis of Kazakhstan’s Poultry Companies

Gulnar Zhunissova


Al-Farabi Kazakh National University,


Zhanar Oralbaeva


Al-Farabi Kazakh National University,


Aknur Zhidebekkyzy


Al-Farabi Kazakh National University,


Adilya Baidildina


Abai Kazakh National Pedagogical University,





Abstract. Measuring competitiveness in Сentral Asian post-socialist countries is problematic as many well-known metrics systems fail to warn about bankruptcy risks sufficiently early or at all. With 2013-2017 data, we have compared data on the selected poultry sector companies operating in Kazakhstan to analyze their competitiveness, while financial analysis metrics provided us with the financial performance data. In particular, we have analyzed two publicly traded companies – Alatau-Kus JSC and Ust-Kamenogorskaya pticefabrika JSC, and two non-publicly traded companies – Alel-Agro JSC, and Sever Ptica JSC. These are compared with the largest Czech poultry meat producer Vodnanska drubez, JSC. Firstly, we measured competitiveness through bankruptcy and creditworthiness models and compared competitiveness as compared to financial situation of the main competitors at that market. To measure competitiveness, we used such indicators as IN99, IN01, IN05. We show the IN models can be beneficial in the case of the post-socialist countries. By using INFA, we have aimed to confirm that only financially healthy companies, producing economic value added, can be competitive in the long run. For this analysis, we have additionally compared data with those of Czech food industry. We show that Czech INFA metrics system can serve as a very useful indicator for competitiveness analysis of Kazakhstan companies.


Received: October, 2018

1st Revision: January, 2019

Accepted: April, 2019


DOI: 10.14254/2071-8330.2019/12-2/9


JEL ClassificationG32, G33

KeywordsEVA, INFA, bankruptcy models, performance evaluation, competitiveness, score models, poultry sector, Kazakhstan