Speaking at a government meeting on July 21, the president criticized rising costs at Uzbekistan's strategic state-owned enterprises, saying the previous practice of measuring performance by reductions in overall expenses as a percentage did not always reflect the true financial situation. Instead, he said, the cost of producing individual products provides a more accurate picture of operational efficiency.
According to Mirziyoyev, production costs have risen across several major enterprises. At the Navoi Mining and Metallurgical Company, the production cost of one ounce of gold increased by 8.2%, while the company's overall expenses rose by UZS 6.2 trillion, or 22%, compared with the previous year.
At the Uzbek Metallurgical Plant, the production cost of steel grinding balls increased by 5.4%. Meanwhile, at Uzkimyosanoat, the production cost of urea rose by 11.1%, while the cost of ammonium nitrate increased by 8.3%.
During the meeting, officials also noted that global investment firm Franklin Templeton had completed an assessment of 13 major state-owned companies preparing for initial public offerings.
According to the consultants, Uzbekistan Airways is forgoing nearly $120 million in annual revenue because of an inefficient route network, long intervals between flights, frequent delays and limited competition in catering and maintenance services.
Franklin Templeton also assessed the potential to increase the market value of several major state-owned companies. Its analysis suggests that the value of Regional Electrical Power Networks could be doubled, while the value of Uzbekistan Airways and Uztelecom could increase by 40% and 50%, respectively.
The investment firm, which manages the Uzbekistan National Investment Fund (UzNIF), whose portfolio includes stakes in Uzbekistan Airways, Uztelecom, Regional Electrical Power Networks and 10 other companies, had previously conducted a comprehensive review of the airline and developed a transformation program comprising 115 measures.
According to the assessment, full implementation of the program could increase the airline's annual operating profit by $120 million. As a result, the carrier's market value is projected to rise from $1.6 billion to $2.3 billion.
The meeting also revisited the performance of the Navoi Mining and Metallurgical Company, which produced 98.2 tonnes of gold in 2025, an increase of 2.1% from the previous year, although the pace of growth slowed.
