At the end of 2023, the Fergana Oil Refinery (FOR) witnessed a surge in its net profit, soaring over 24 times, as reported by the press service of the investment firm Kapdepo.
In a financial feat, FOR's net profit for 2023 skyrocketed to UZS 469.6bn ($37.3mn), marking an increase compared to the preceding year. The primary catalyst behind this growth was the surge in income from foreign exchange differences, catapulting from UZS 91.7bn ($7.3mn) to UZS 723.8bn ($57.5mn).
Despite this monumental leap in profit, FOR's revenue experienced a 20% downturn, amounting to UZS 1.6 trillion ($127.2mn). However, the refinery witnessed a sharp upturn in retained earnings, which crossed the UZS 400bn ($31.8mn) mark.
The refinery's assets also witnessed a surge, reaching UZS 5.6 trillion ($445mn), showcasing a 60.7% increase from the previous year. Own capital amounted to UZS 1.1 trillion ($87.4mn), reflecting a 71.5% surge, while gross profit reached UZS 656.5bn ($52.2mn), marking a 46.2% increase.
In May 2022, the Fergana Oil Refinery transitioned into private hands, as Saneg acquired the enterprise for a reported $100mn. The refinery had seen no modernization or reconstruction efforts over the past two decades, compounded by the adverse financial impacts of the pandemic.
Saneg embarked on the modernization journey of the privatized Fergana refinery in fall 2022, unveiling plans to inject over $400mn into establishing the production of high-octane gasoline, aviation fuel, and state-of-the-art base and motor oils.
About Fergana Oil Refinery
Fergana Oil Refinery stands as a premier establishment in the Central Asian region, specializing in the manufacturing of fuels and lubricants. Renowned as the largest oil refinery and a continuous-cycle oil-fuel plant distinguished by its advanced automation, the refinery commenced operations on January 27, 1959. Situated at Sanoat Street 240 in Fergana city, the refinery encompasses an expansive total area spanning 474.97 hectares.
At the core of its operations lies an infrastructure capable of producing over 70 varieties of oil products. Comprising more than 20 primary and ancillary workshops, including the Altyaryk Fuel Production (AFP) division and transfer tank farms located in the cities of Pap and Angren, Fergana Oil Refinery is equipped to meet diverse production demands.
The primary production processes are housed within Workshops 1 to 4, pivotal in ensuring the efficient manufacturing of oil products. Additionally, auxiliary and subsidiary workshops play a vital role in facilitating primary production through the provision of essential energy resources such as steam, water, air, gas, and electricity. These facilities also encompass laboratory facilities for the rigorous quality control of oil products, as well as the maintenance and operation of equipment and instrumentation, and the loading and shipment of oil products.
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