UzAuto Motors’ First Quarter Profit Skyrockets by Nearly Fourfold
The financial upturn at UzAuto Motors has been attributed to the signing of sale contracts for 213,000 vehicles, leading to a nearly fourfold increase in profit in the first quarter of this year. According to the Unified Corporate Information Portal of the National Agency for Project Management, the automaker’s profit reached 1.29 trillion UZS from January to March, which is 4.74 times higher than the same period last year.
The company’s revenue also saw significant growth, totaling 11.68 trillion UZS, a 31.4% increase, while the cost of goods sold increased by 20.7% to 9.3 trillion UZS. This resulted in a doubling of the gross profit to 2.38 trillion UZS during the first quarter.
Retained earnings at UzAuto Motors grew by 19.5% to 7.92 trillion UZS, and equity increased by 14.2% to 10.37 trillion UZS. However, the company’s assets saw a slight decline, decreasing from 36 trillion UZS to 34 trillion UZS.
The company had already contracted its 2024 production volume by the end of December last year, including 171 thousand Cobalt, Damas, and Labo vehicles. Payments for these contracts likely contributed to the financial indicators in the first quarter of this year. Additionally, UzAuto Motors launched online sales for 42 thousand Labo LB2 Plus and Damas units in the spring, with all units being contracted in less than one hour.
Overall, the successful signing of sale contracts for a large number of vehicles has played a significant role in UzAuto Motors’ financial upturn, leading to impressive growth in profit, revenue, and equity in the first quarter of this year.
