Uzbektelecom sees a threefold increase in net profit amid revenue growth and foreign exchange gains

In the first half of the year, Uzbektelecom's net profit nearly tripled, according to the state company's report on the Unified Corporate Information Portal.

For the first six months, Uzbektelecom's net revenue exceeded 4.3 trillion UZS (a 19.2% increase year-on-year), and gross profit reached 1.26 trillion UZS (+11.9%). Undistributed profit grew 7.58 times to 214.2 billion UZS.

The state company's net profit increased by 2.95 times year-on-year, reaching 203.6 billion UZS.

The profit increase was driven by income from foreign exchange gains (447.69 billion UZS) and general business activities (243.83 billion UZS).

In addition, Uzbektelecom significantly increased its long-term bank loans to 6.84 trillion UZS. However, liabilities to suppliers and contractors, short-term loans, and long-term obligations decreased.

In December, Uztelecom raised 33.25 billion UZS through an IPO, of which 60% went to corporate and institutional investors. The approximate price range for the additional shares was set between 6,000 and 10,000 UZS per share.

Starting in 2025, mobile and wireless telecommunications network operators will be able to connect directly to external internet channels as an experiment, which de facto means the end of Uzbektelecom's monopoly.