Uzbekistan Airways raises significant revenue in H1 2022

In January-June, Uzbekistan Airways received 5.036 trillion soums of revenue, Spot reported referring to the airline’s financial report for the first half of the year.

Compared to the same period in 2021, the carrier’s sales volume increased by 2.2 times. At the same time, the cost of services rendered also increased by 2.3 times compared to last year and amounted to 3.9 trillion soums.

The operating expenses of the company amounted to 263.1 billion soums, showing a 2.5-fold increase. Taking into account additional income, the total profit from core activities amounted to 906.6 billion soums, which is 85% more than a year earlier.

A significant part of the profit was "eaten" by the difference in exchange rates - losses amounted to 1.45 trillion soums with a gain of 947 billion. Another 180.57 billion soums went to interest on loans, but on the other hand, the company’s financial income amounted to almost 4 billion soums.

The profit of Uzbekistan Airways in the first half of the year amounted to 194.27 billion soums. The company paid 34.6 billion soums in taxes.

At the same time, the carrier closed the first half of 2021 in the red by 8.5 billion soums. The first quarter of 2022 was also unprofitable for it - 239.2 billion soums, mainly due to losses in exchange rates due to the soum’s devaluation.

The amount of assets due to depreciation of aircraft decreased by 3.4% and amounted to 19.46 trillion soums. At the same time, current assets increased to 5.765 trillion soums (+2.65%) due to an increase in the volume of cash and receivables.

At the same time, accounts payable increased by 1.24 trillion soums. However, since the company repaid loans for 1.85 trillion soums, the total amount of its liabilities decreased by 5%.