Energy Companies Report Losses in Q1: Insights and Analysis
The financial statements for the first quarter of 2023 have been published for several Uzbek companies in the energy sector, including Issiqlik elektr stansiyalari, UzGasTrade, Uztransgaz, Khududgaztaminot, Uzbekkumir, and Regional Electric Networks. Unfortunately, all of these companies continue to operate at a significant loss.
According to a corporate information portal, the companies reported the following losses for Q1 2023:
• Uzbekkumir – 20.3 billion soums
• New Angren Thermal Power Station – 26.8 billion soums
• Angren Thermal Power Station – 76.9 billion soums
• Khududgaztaminot – 86.5 billion soums
• Regional Electric Networks JSC – 116.7 billion soums
• Thermal power stations – 1.6 trillion soums
• UzGasTrade – 2.4 trillion soums
• Uztransgaz – a loss of 2.5 trillion soums or a profit of 1.9 trillion soums (two types of information are posted on the portal).
It’s important to note that UzGasTrade JSC was established last year to handle the wholesale purchase and sale of natural gas, resulting in Uztransgaz only dealing with transportation. The state budget for 2023 includes an allocation of 14.2 trillion soums to compensate for UzGasTrade’s losses and fund its ongoing activities.
However, the financial report of Uzbekneftgaz, a major company in the energy field, has not been made public.
The continued loss suffered by these companies is concerning for both shareholders and consumers alike. It remains to be seen if any action will be taken to mitigate these losses and improve financial stability in the sector.
