The State Assets Management Agency (AUGA) has released a comprehensive report outlining the financial performance of state-owned companies throughout 2022 in Uzbekistan.
Leading the pack in terms of profitability is the Navoi Mining and Metallurgical Combine (NMMC), which boasted an impressive earnings figure of 15.3 tn soums ( over $1.3 bn) over the course of the year. This represents an astonishing 18-fold increase in profit when compared to the previous year of 2021. Notably, NMMC stands out as the sole state-owned company with a net profit exceeding $1 bn.
Claiming the second spot is the Almalyk Mining and Metallurgical Combine (AGMK), reporting a substantial indicator of 6.67 tn soums (around $572 mn). This marks a remarkable surge of almost a quarter when juxtaposed with the figures from the preceding year. The National Bank for Foreign Economic Activity (NBU) follows suit in third place, showcasing an impressive profit jump of over two times, amounting to 2.4 tn soums ( about $206 mn)
The top three slots are rounded out by "Navoiuran," which registered a slightly over 2 tn soums (over $171 mn) in profit. Although this company was the previous year's leader, its profit has experienced a noteworthy decline of 5.5 times compared to the year prior.
In a continued examination of the financial landscape, Navoiyazot (over $114 mn), Uzmetkombinat (over $99 mn), Ipoteka-Bank (around $99 mn), and Uzbekneftegaz (over $ 114 mn) secure their positions within the top 10 list of the most lucrative state-owned enterprises. They are joined by UZBAT (around $93 mn), and Uzavtosanoat (around $75 mn).
Encouragingly, state-owned aviation companies also display a positive trajectory in their financial performance. Notably, the profits of Uzbekistan Airports have surged by an impressive 37 times, reaching 384.8 bn soums ( around $33 mn). Likewise, Uzbekistan Airways has experienced a significant upswing of 5.4 times, recording nearly 300 bn soums ( around $26 mn) in profit.
On the flip side, the list of the least profitable state-owned enterprises is dominated by O‘zbekiston Milliy Elektr Tarmoqlari, which closed the year with a substantial loss of 4.3 tn soums ( around $369 mn). This marked a doubling of the loss compared to the previous year.
Following closely is Uzgastrade, reporting a loss of 3.95 tn soums ( around $339 mn). Uztransgaz with loss of 2.16 tn soums ( over $185 mn) and Uzbekistan Temir Yollari with loss of 1.17 tn soums ( Over $100 mn), secure the third and fourth spots, even though the latter had reported a minor profit in the previous year.
However, it's worth noting that the Regional Power Grids managed to buck this trend, concluding the top ten list with a reported profit of 56.7 bn soums ( around $5 mn), having registered a significant increase from the previous year's figure of 400 bn soums ( over $34 mn)
The comprehensive report offers a glimpse into the diverse financial landscape of state-owned enterprises in Uzbekistan, underscoring both their successes and challenges.
Follow Daryo's official Instagram and Threads pages to keep up to date on world news.
Comments (0)