6 strategically important state-owned enterprises ended H1 2023 with a loss

The movement and state of assets of 31 joint-stock companies and state enterprises of strategic importance in Uzbekistan in 2022 and the first half of 2023 were analyzed, the information service of the Agency for Strategic Reforms reports. 

Profit and loss

In the respective reporting periods, 25 of 31 joint-stock companies and state-owned enterprises of strategic importance made a net profit and 6 state-owned enterprises made a loss.

In 2022, the top 5 companies that ended their activities with a net profit included NMMC JSC, AMMC JSC, Uzavtosanoat JSC, Uzbekneftgaz JSC, Uzmilliybank JSC (according to the results of the first half of 2023, Uzmilliybank JSC was replaced by Uztransgaz JSC among the top 5). The share of the top 5 enterprises in the total net profit received by 31 strategic enterprises is more than 70%.

In turn, by the end of the first half of 2022 and 2023, among 25 strategic enterprises, the largest net profit was earned by NMMC JSC. In this case, 50.1% (15.4 trillion soums) of the net profit received by 25 strategic enterprises in 2022 will go to NMMC JSC. In the first half of 2023, this figure was 34.5% (7.8 trillion soums).

At the same time, in the relevant reporting period, 6 state-owned enterprises ended their operations with a loss, of which 5 enterprises made consecutive losses in two reporting periods. Among them were National Electric Networks of Uzbekistan JSC, UzGazTrade JSC, Regional Electric Networks JSC, Toshshakhartranskhizmat JSC and Uzbekistan Railways JSC.

At the end of 2022, the company with the largest loss was Uzbekistan National Electric Networks JSC; it made a loss of 4.3 trillion soums in 2022 (36.4% of total losses) and 1.3 trillion soums in the first half of 2023 (total losses  share of 19.9%).

Assets

As of July 1, 2023, the total assets of strategic enterprises amounted to 1 quadrillion 45.3 trillion soums, which increased by 4.3% (44.4 trillion soums) compared to January 1, 2023.

However, compared to the previous period, the assets of about 10 state-owned enterprises had the opposite tendency: the assets of Uzbekneftegaz JSC decreased by 7.1 trillion soums (6.4%), Thermal Power Stations JSC - by 4.3 trillion soums (9.3%), Uzbekistan Airports JSC - by 3.7 trillion soums  (22.1%), Uzmilliy Bank JSC - 3.2 trillion soums (2.8%), Asakabank - 2.8 trillion soums (5.8%), Khududgaztaminot JSC - 0.6 trillion soums (4.9%), Navoiyazot JSC - by 0.4 trillion soums (2.3%).

Also, during the reporting period, the net assets of all state enterprises increased by 5.2% (20.1 trillion soums). In this case, the following state-owned enterprises were among the top 5 with an increase in net assets: Thermal Power Stations JSC (6 trillion soums or 36.3%), Regional Electric Networks JSC (3.6 trillion soums or 27.2%), NMMC JSC (4.6 trillion soums or 19.4%), AMMC JSC (3.5 trillion soums or 17.7%) and Navoiyuran SC (0.9 trillion soums or 17.5%).

In turn, among the top 5 companies with a decrease in net assets included Asakabank JSC (3.2 trillion soums or 7.1%), Uzbekhydroenergo JSC (383.1 billion soums or 6.4%), Toshshakhartranskhizmat JSC (36.8 billion soums or 6.4%), Uzbekistan Airways JSC (197.9 billion soums or 2.6%) and Khududgaztaminot JSC (20.4 billion soums or 1.0%).

Earlier, in March 2023, the state stake in 31 large state-owned enterprises, commercial banks and UzAssets investment company, which was given to the Agency for Strategic Reforms, was transferred to the Ministry of Economy and Finance in March 2023.