UzAuto Motors has reported a remarkable 40% increase in revenue, reaching UZS 38.1tn ($3.1bn) over the first nine months of the year, as disclosed in the company's EPKI report. Despite this substantial growth, the surge in production costs, soaring to 1.5 times at UZS 33tn ($2,6bn), tempered the net profit increase.
The gross profit from product sales, demonstrated resilience, surpassing UZS 5.1tn, marking a commendable 21% year-on-year increase. Operating expenses for the automaker surged by a quarter, totalling UZS 3.07tn ($250,4 mn) since the beginning of the year. The administrative costs registered a notable spike of 57.9%, amounting to UZS 432.7bn ($35,3 mn).
Core activity revenue stood at UZS 2.34tn ($190,9 mn), reflecting a 9.6% growth. In contrast to 2022, this figure slightly decreased after factoring in the financial activity of the company.
The substantial increase in revenues within this section, amounting to UZS 1.3 tn (87.9%), is primarily attributed to gains in exchange rate dynamics (UZS 876.6 bn). Despite the impressive revenue, expenses more than doubled, highlighting the complex financial landscape faced by UzAuto Motors.
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