Uzbekistan’s Almalyk Mining and Metallurgical Combine (AGMK) nearly doubled its net profit in the first half of 2026, driven by higher exports, improved operating efficiency and lower debt.
According to the company’s financial statements, net profit rose to 8.7 trillion sums from 4.4 trillion sums in the same period last year. Revenue increased by 39.8%, to 30.2 trillion sums.
Gross profit climbed by 58%, to 20.7 trillion sums from 13.1 trillion sums. Income from positive foreign exchange differences increased by 45.5%, to 2.3 trillion sums, while losses from negative foreign exchange differences declined by 16.2%, to 2.4 trillion sums.
One of the main factors behind the improved financial performance was the expansion of export activity. Export shipments more than doubled in January-June, rising from $239.3 million to $493.4 million.
The company also continued to reduce its debt burden. Long-term loans and borrowings fell by 4.7 trillion sums during the first half, to 24.1 trillion sums, while short-term liabilities declined by 3.6 trillion sums, to 2.3 trillion sums.
At the same time, AGMK is implementing a large-scale investment programme. According to the company’s press service, seven major investment projects with a combined value of $294.6 million are planned for 2026. During the first six months of the year, $142.8 million had already been invested.
The company also plans to implement 40 projects this year with a total value of 1.51 trillion sums. As of the end of the first half, 35 projects had been completed, and the value of locally manufactured products reached 649.8 billion sums.
In January-June, AGMK transferred 16 trillion sums to the state budget.
AGMK remains one of Uzbekistan’s largest state-owned assets being prepared for privatization.
Under the presidential decree on the privatization of state-owned enterprises, the company’s initial public offering is scheduled for the first half of 2027. Between 10% and 15% of the company’s shares are planned to be offered on the stock market. (UzDaily)