UZEX net profit rises 18.6% to over $18.7mn in 1H26
UZEX net profit climbs 18.6% to more than $18.7mn in 1H26
Uzbek Commodity Exchange (UZEX) posted revenue of UZS 265bn (over $22mn) in the first half of 2026, an 11.4% increase year on year, while net profit rose 18.6% to UZS 221bn (over $18.7mn), according to an equity research factsheet from Avesta Investment Group.
Operating profit came in at UZS 158bn (over $13mn), up 16.8% from the same period of 2025. The exchange’s operating margin was 59.6%, compared with 56.8% in 1H25. Net margin improved from 78.6% to 83.7%. Interest income also supported UZEX’s results, increasing 20.3% year on year to UZS 104bn (over $8.8mn). It made up 39.6% of pre-tax profit in the period. Return on equity for the 12 months to the end of 1H26 was 81.6%.
Client funds at the exchange rose to UZS 6.834 trillion (over $578mn) at the end of the first half, up 48.7% year on year from UZS 4.597 trillion (around $390mn). These funds accounted for 92.6% of UZEX’s UZS 7.383 trillion (over $624mn) balance sheet, and the exchange had no borrowings.
The Avesta report also highlighted UZEX’s exposure to Trustbank. The factsheet said Fitch has limited the exchange’s rating because of its dependence on the related-party bank, where about 80% of UZEX’s assets were held at the end of 2024. Deposits disclosed since then — UZS 200bn (around $17mn) in August 2025 and UZS 100bn (over $8.4mn) in June 2026 — were also placed with Trustbank.
In November 2025, Fitch affirmed UZEX’s Long-Term Issuer Default Rating at B and changed the outlook to positive from stable. UZEX shares finished at UZS 10,990 on September 18, 2026, up 75.8% from the final closing price of 2025. The company’s market capitalization was UZS 4.12 trillion (over $348mn), while its price-to-book ratio stood at 7.69 times and its price-to-earnings ratio at 10.89 times. Over the past year, the share price gained 161.7%, with a two-year trading range of UZS 2,800 to UZS 11,478.
For comparison, the peer table on page two of the report shows UZEX with a higher price-to-book ratio than the weighted average of the listed exchange operators in the analysis. UZEX’s P/B ratio was 7.69 times versus a weighted peer average of 4.05 times, while its P/E ratio of 10.89 times was below the peer average of 29.02 times.
UZEX paid a dividend of UZS 780 per share for 2025, equal to a total payout of UZS 292.3bn (over $24.7mn) and 85.1% of net profit. As of May 15, 97.46% of the dividend had been paid. The prior year’s dividend was UZS 382 per share, with a payout ratio of 44.8%.
The National Investment Fund of Uzbekistan (UzNIF) owned 40% of UZEX shares as of March 12, 2026. Other legal entities held 49.68%, while individuals held the remaining 10.32%. Non-residents owned 3.68% of the capital through legal entities and 2.41% through individual shareholders. The exchange is also carrying out its 2026–2030 development strategy. In August, CME Group and Phillip Capital delivered futures hedging training to UZEX employees and brokers, which the exchange said was preparation for building a national derivatives market.
UZEX conducts commodity trading in agricultural products, fuel, metals and chemicals, and also operates electronic public procurement. In 2025, the value of all deals completed through the exchange rose 31%, with exchange trading up 24% and public procurement up 46%.