AGMK Nearly Doubles First-Half Net Profit in 2026
Uzbekistan's Almalyk Mining and Metallurgical Combine nearly doubled its first-half net profit as exports increased, debt declined and revenue rose.
Tashkent, Uzbekistan (UzDaily.uz) – The Almalyk Mining and Metallurgical Combine (AGMK) of Uzbekistan saw its net profit nearly double in the first six months of 2026, a result attributed to increased exports, enhanced operational efficiency, and a reduced debt load.
According to the company's financial disclosures, net profit surged to 8.7 trillion soums, up from 4.4 trillion soums recorded in the corresponding period of the previous year. Revenue also experienced a significant boost, climbing by 39.8% to reach 30.2 trillion soums.
Gross profit demonstrated robust growth, increasing by 58% from 13.1 trillion soums to 20.7 trillion soums. Furthermore, income derived from positive foreign exchange differences rose by 45.5% to 2.3 trillion soums, while losses stemming from negative foreign exchange differences decreased by 16.2% to 2.4 trillion soums.
A key driver of this improved financial performance was the expansion of AGMK's export activities. Export shipments more than doubled during the January-June period, escalating from US$239.3 million to US$493.4 million.
The company also made strides in reducing its financial obligations. Long-term loans and borrowings decreased by 4.7 trillion soums in the first half of the year, settling at 24.1 trillion soums. Similarly, short-term liabilities saw a reduction of 3.6 trillion soums, falling to 2.3 trillion soums.
Concurrently, AGMK is actively pursuing a substantial investment program. As per the company's press service, seven major investment projects, collectively valued at US$294.6 million, are slated for completion in 2026. By the end of the first six months, US$142.8 million had already been invested in these initiatives.
Additionally, the company intends to execute 40 projects this year, with a total investment of 1.51 trillion soums. By the close of the first half, 35 of these projects had been finalized, contributing to locally manufactured products valued at 649.8 billion soums.
Between January and June, AGMK contributed 16 trillion soums to the state budget.
AGMK remains one of Uzbekistan's largest state-owned assets currently undergoing preparations for privatization.
In line with the presidential decree concerning the privatization of state-owned enterprises, the company's initial public offering is scheduled for the first half of 2027, with plans to offer between 10% and 15% of its shares on the stock market.