UzSAMA names most profitable and unprofitable state-owned companies in 2022

The State Assets Management Agency (UzSAMA) has published a report summarizing the financial performance of state-owned companies in 2022.

The Navoi Mining and Metallurgical Combine (NMMC) became the most profitable state-owned company, having earned 15.3 trillion soums over the previous year. Compared to 2021, NMMC profit increased by more than 18 times.

Thus, NMMC became the only state-owned company whose net profit for the year exceeded $1 billion.

The second place was taken by the Almalyk Mining and Metallurgical Combine (AMMC) with an indicator of 6.67 trillion soums – an increase of almost a quarter compared to the year before last. Due to a more than two-fold increase in profits, the NBU was in third place – 2.4 trillion soums.

Navoiuran closed the top three, which received a little more than 2 trillion soums. Compared to the year before last, when the company was the leader of the list, its profit decreased by 5.5 times.

In addition, Navoiyazot (1.33 trillion soums), Uzmetkombinat (1.16 trillion), Ipoteka-Bank (1.15 trillion), Uzbekneftegaz (1.08 trillion), UZBAT (988 billion) and Uzavtosanoat (871 billion) were in the top 10 list of the most profitable state companies. 

State-owned aviation companies showed a positive trend: for example, the profit of Uzbekistan Airports increased 37 times, to 384.8 billion soums, and Uzbekistan Airways – 5.4 times, to almost 300 billion soums.

The list of the most unprofitable state-owned enterprises was headed by O‘zbekiston Milliy Elektr Tarmoqlari, which ended last year with a minus of 4.3 trillion soums. The loss of the state-owned company doubled compared to 2021.

Next in this list is Uzgastrade with a loss of 3.95 trillion soums. The third and fourth places are occupied by Uztransgaz (2.16 trillion soums) and Uzbekistan Railways (1.17 trillion soums), although the latter finished the year before last with a small profit.

Also last year, the “New Angren” TPP (237.4 billion soums), the “Angren” TPP (207.6), Toshshahartransxizmat (155.4), Grand Road Tashkent (92.9) and “Angren Issiqlik Energiyasi” (58.4) completed with a loss.

Moreover, Regional Power Grids, which closed the top ten with 56.7 billion soums, showed a profit of 400 billion soums in 2021.