Uzbekistan Airways sees 440% increase in net profit in H1 2024

The company’s assets grew to 18.6 trillion UZS, which is 1% more than in the first half of 2023, Gazeta.uz writes with reference to the company’s press service.

The carrier’s revenue increased by 12.9% compared to the same period last year, reaching 7.6 trillion UZS, while its equity capital grew by 5.8%, amounting to 8 trillion UZS. Revenues in UZS rose from 7.3 trillion to 8.1 trillion, although in dollars they decreased from 664.7 million to 645.9 million.

Revenue from regular cargo transportation increased from 6.2 trillion UZS to 7.04 trillion UZS, and revenue from non-scheduled transportation rose from 503.4 billion UZS to 531.4 billion UZS. However, these figures decreased when calculated in dollars.

Revenue from refueling foreign and domestic aircraft saw a significant increase from 519.8 million UZS to 27.7 billion UZS, though this is less than in the first half of 2022 (53.8 billion) and 2020 (96.3 billion). Other revenues nearly doubled, increasing from 89.3 billion UZS to 172.3 billion UZS.

The company’s net profit for January-June amounted to 269 billion UZS, a 440.8% increase compared to the same period in 2023 (49.7 billion UZS).

The record revenue growth was primarily driven by a reduction in expenses related to financial activities, which decreased from 1.2 trillion UZS to 552.4 billion UZS, according to KAP DEPO investment company.

Expenses in UZS increased from 7.3 trillion to 7.8 trillion, while in dollars they decreased from 659.3 million to 620.6 million.

Expenses due to negative exchange rate differences decreased from 748.9 billion UZS to 391.5 billion UZS, and revenues from positive exchange rate differences fell from 512.3 billion UZS to 268.9 billion UZS.

The company’s retained earnings by the end of the quarter amounted to 118.2 billion UZS (a 2.3-fold increase). In the corresponding period of 2023, the accumulated loss was 149.9 billion UZS.

Long-term bank loans decreased from 8 trillion UZS to 7.1 trillion UZS on an annual basis.

It is worth noting that during the pandemic year of 2020, the airline ranked second among state companies in terms of profitability, with a negative result of 755.7 billion UZS.