Uzbekistan Airways Soars with Net Profit exceeding $53 million
In 2024, Uzbekistan Airways saw a significant increase in its net profit despite a sharp rise in total expenses, particularly in “other operating expenses.” The airline’s net profit reached 687.5 billion UZS ($53.2 million), showing a remarkable 67.4% increase compared to 2023, when it was just over 410 billion UZS.
Net revenue from service sales also saw a substantial rise, amounting to 17.51 trillion UZS, showing a 19.93% increase. However, the cost of goods sold led to expenses of 14.79 trillion UZS, which was a significant increase of 19.61%, contributing to the rise in total costs.
Despite the increase in costs, the company managed to achieve a gross profit of 2.72 trillion UZS, slightly exceeding the previous year’s figure by 21.6%.
Total expenses for the reporting period increased significantly by 2.44 times to 1.91 trillion UZS. Although sales expenses (307.6 billion UZS) and administrative expenses (124.6 billion UZS) experienced slight growth, the “other operating expenses” rose more than 3.72 times to 1.48 trillion UZS.
Furthermore, foreign exchange losses decreased from 1.99 trillion UZS to 845.4 billion UZS, while foreign exchange income dropped from 1.45 trillion UZS to 541 billion UZS.
On a positive note, other income from core operations quadrupled, surpassing 415 billion UZS. The operating profit amounted to 1.22 trillion UZS, showing a 21.2% decrease compared to 2023. Retained earnings stood at 293.3 billion UZS, showcasing the company’s financial strength and performance in the face of increased expenses.
