Uzbek company’s net profit increases in 2016

Uzbekistan Materials 3 July 2017 13:55

Tashkent, Uzbekistan, July 3

By Demir Azizov– Trend:

Uzavtosanoat (Uzavtoprom) joint stock company, uniting the Uzbek automotive enterprises, received net profit through the International Financial Reporting Standards (IFRS) in the amount of 146.007 billion soms in 2016, which is by 98.732 billion soms (47.9 percent) more compared to 2015, said a report published on the website of a single portal of corporate information.

According to the report, the company's assets increased by 8.3 percent up to 3.727 trillion soms in 2016. The biggest share in the structure of assets - around 51 percent accounted for the long-term loans, which increased by 21.1 percent to 1.178 trillion soms and investments in subsidiaries - 721.517 billion soms (13.2 percent growth).

Operating loss amounted to 8.799 billion soms in 2016 compared to 20.72 billion soms in 2015. Foreign exchange gains increased by 2.47 times and amounted to 147.01 billion soms. The profit before tax increased by 48.3 percent up to 165.205 billion soms.

The production of cars decreased twofold up to 92,625,000 cars in Uzbekistan in 2016 compared to 2015. GM Uzbekistan joint venture (Asaka, Andijan region) produced 88,200 cars (2.1 times decrease).

At present, Uzavtoprom includes more than 200 enterprises and organizations. Among them are three assembly enterprises, including the biggest one - GM Uzbekistan, established in March 2008 by Uzavtoprom (75 percent) and General Motors (25 percent). The design capacity of GM Uzbekistan is 250,000 cars per year.

Samarkand Automobile Factory LLC (SamAuto) produces low-tonnage trucks and buses. Along with Uzavtoprom, its founders are Uzbek Asaka bank and Japanese Itochu Corporation.

MAN Auto-Uzbekistan joint venture, which produces heavy vehicles, was established in 2009 by MAN Truck & Bus AG (49 percent) and Uzavtoprom (51 percent).

(3,958.56 UZS = 1 USD on July 3)