Uzbektelecom’s Net Profit Triples with Revenue Growth and Foreign Exchange Gains
Uzbektelecom Sees Tripled Net Profit in First Half of Year
Uzbektelecom, the state-owned telecommunications company, has reported a significant increase in net profit in the first half of the year. According to the company’s report on the Unified Corporate Information Portal, net profit nearly tripled during this period.
The company’s net revenue exceeded 4.3 trillion UZS, representing a 19.2% increase year-on-year. Gross profit reached 1.26 trillion UZS, marking an 11.9% increase. Undistributed profit also saw substantial growth, reaching 214.2 billion UZS, an increase of 7.58 times.
The boost in profit was attributed to income from foreign exchange gains, totaling 447.69 billion UZS, and general business activities, amounting to 243.83 billion UZS.
Additionally, Uzbektelecom expanded its long-term bank loans to 6.84 trillion UZS, although liabilities to suppliers and contractors, short-term loans, and long-term obligations decreased.
In December, Uztelecom successfully raised 33.25 billion UZS through an IPO, with 60% of the funds going to corporate and institutional investors. The pricing for additional shares ranged from 6,000 to 10,000 UZS per share.
Looking ahead, there are changes on the horizon for Uzbektelecom. Starting in 2025, mobile and wireless telecommunication network operators will have the opportunity to connect directly to external internet channels as part of an experiment. This development effectively marks the end of Uzbektelecom’s monopoly in the industry.
These latest financial and operational updates demonstrate Uzbektelecom’s continued growth and adaptability in the ever-evolving telecommunications sector.
