Uzbekistan Railways reports profit growth as the national currency strengthens

Uzbekistan Railways has published its financial statements for the first time in four years. Reports for the first, second, and third quarters of 2025 are now available on the Unified Corporate Information Portal. Previously, the latest publicly available financial statements covered the third quarter of 2021.

For the nine-month period, the company’s net revenue exceeded UZS 11 trillion, up 2.58%, while gross profit rose to UZS 2 trillion, an increase of 19.55%. At the same time, the cost of services remained at last year’s level, slightly above UZS 8.9 trillion.

Net profit for the third quarter amounted to UZS 1.33 trillion, compared with a loss of UZS 328 billion a year earlier. In the first quarter, the state-owned company posted a net profit of UZS 227.5 billion, while net profit for the first half of the year totaled UZS 658.6 billion.

Investment firm Kap Depo noted that the improvement in the company’s financial performance was driven by the strengthening of the national currency rather than by gains in operational efficiency. In particular, income from foreign exchange rate differences more than tripled – rising from UZS 569.5 billion to UZS 1.82 trillion. At the same time, losses from exchange rate differences narrowed from UZS 1.45 trillion to UZS 1.11 trillion.

In addition, the company’s expenses increased by 9.6% to UZS 1.57 trillion, including selling expenses of UZS 28.78 billion, administrative expenses of UZS 490.4 billion, and other operating expenses totaling UZS 1.05 trillion.