Investment Projects

Production equipment upgrade and launch of a five-ply cardboard production line

  • Indicator Results
  • Investment amount, thousand US dollars 4 000
  • NPV of the Project thousand, US dollars 2 397
  • IRR, % 35,9%
  • EBITDA yield, %
  • Payback period, years 4,16
  • Discounted payback period, years - - 5,95


Upon reaching full design capacity by 2025, the projected sales volume of five-ply corrugated cardboard is 6,000 tonnes /year.


The project envisages upgrading production equipment and launching a five-ply cardboard production line with capacity of 0.4 million square m per year at an already operational plant producing corrugated cardboard in Pavlodar.

Initiator has an established base of suppliers of paper and cardboard. A supplier of equipment from China has been determined.

Project Initiator

Zavod Gofrotara LLP has been a leading corrugated cardboard producer in Kazakhstan since 2006, producing three-ply corrugated cardboard, knobbed egg trays and corrugated packaging with coloured stamps. Production capacity is 1 million paper bags per month. The Company has a constant client base consisting of food and pharmaceutical industry companies, including KEMMI Group LLP, Krendel LLP, Sultan-EMMK LLP and Gormolzavod LLP.

Market Overview

  • As of 2022, the volume of production of corrugated paper and cardboard in Kazakhstan amounted to 102 thousand tonnes, which is 70% more than in 2021.
  • In 2022, the volume of production of corrugated boxes, boxes and bags in Kazakhstan amounted to 128 thousand tons with an average annual growth rate of 7.1% for the period 2018-2022.
  • Imports of corrugated boxes and boxes from Kazakhstan increased from 17,174 thousand dollars. USA in 2018 to 21,536 thousand dollars. USA in 2022 with an average annual growth rate of 5.8%.
What is the attractiveness of the project?

  • Advantageous location. The region has well-developed and extensive road and logistics infrastructure linking it to other regions and neighbouring countries. Pavlodar Oblast borders Russia, which ensures the efficiency of raw material supplies (paper and cardboard) for production purposes. The Project location also ensures access to the major Pavlodar Oblast sales market, which is home to over 755 thousand people. The population of the neighbouring North-Kazakhstan, Akmola, Karaganda and Abai Oblasts, as well as the city of Astana is roughly 4.4 million.
  • Import substitution. Project implementation will help reduce dependence on imported corrugated paper and cardboard in Kazakhstan, which accounted for 93.6% of the product in 2022, and ensure a supply of quality domestic product.
Investment proposal

The Project requires investment of 4,000 thousand USD (at the rate of 449 tenge), of which:

  • 70% (2,800 thousand USD) – debt financing subject to collateral;
  • 30% (1,200 thousand USD) – investor participation.

The proposed financing structure and state support measures are indicative. The final financing structure and Project interests will be determined based on the results of negotiations with the investor.

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