Quartz plant posts profit in 2025 following unsuccessful privatization deal

According to financial results for 2025, Quartz JSC reported a net profit of UZS 1.3 billion.

The result marks a significant turnaround compared with 2024, when the company posted a net loss of UZS 142 billion.

The company’s annual net revenue reached UZS 593.4 billion in 2025, representing a 13.7 percent increase compared with the previous year. At the same time, production costs declined considerably – from UZS 503 billion to UZS 454.4 billion.

By the end of 2025, the company had also reduced its debt burden. Long-term loans fell from UZS 195.3 billion to UZS 87.6 billion, while short-term loans and liabilities decreased from UZS 126.6 billion to UZS 95.7 billion.

Failed privatization and return to state ownership

In February 2023, the state sold an 89.7 percent stake in Quartz to Quvasoycement JSC for UZS 265 billion under a privatization agreement.

Under the terms of the deal, the buyer was also required to repay loans worth €47.2 million that had been attracted by Quartz between 2018 and 2021. The debt was scheduled to be repaid by the end of 2026.

However, the company’s financial performance deteriorated after the privatization. Quartz ended 2023 with a net loss of UZS 21.7 billion and reported a much larger loss of UZS 142 billion in 2024.

Prior to privatization, the plant had been profitable. Net profit amounted to UZS 54.7 billion in 2021 and UZS 64.3 billion in 2022.

On February 14, 2025, the privatization agreement was cancelled after the buyer encountered difficulties in fulfilling contractual obligations. The enterprise was subsequently returned to state control, and authorities announced plans to implement financial recovery measures.

Founded in 1975, Quartz is one of the largest glass manufacturing plants in Central Asia.

The company produces glass containers, automotive glass, and a wide range of other glass products used across multiple industries.