One of Uzbekistan's leading industrial giants demonstrated rapid growth in key financial indicators for the first six months of 2026. The plant managed to significantly increase business margins against the backdrop of intensified foreign trade.

According to the published financial report of the Almalyk Mining and Metallurgical Plant (AGMK), the company's net profit for the reporting period reached 8.7 trillion soums, which is almost twice the previous year's result of 4.4 trillion soums. The company's total revenue increased by almost 40% and was fixed at 30.2 trillion soums, and gross profit demonstrated growth of 58%, reaching 20.7 trillion soums. Additional support came from currency risk management: income from positive exchange rate differences increased to 2.3 trillion soums.

Twofold Export Growth and Credit Portfolio Optimization

The main driver of such strong financial results was the large-scale expansion of presence in foreign markets. For January–June of the current year, the volume of AGMK export supplies increased more than twofold, rising from 239.3 million to 493.4 million dollars.

In parallel, the management of the industrial giant conducted effective work to reduce debt burden:

  • Long-term obligations: the portfolio of long-term loans and borrowings decreased by 4.7 trillion soums — to 24.1 trillion soums;
  • Short-term debts: the volume of short-term liabilities decreased by 3.6 trillion soums, dropping to 2.3 trillion soums.

Investments, Import Substitution and IPO Preparation

Despite debt reduction, AGMK continues to actively invest in production modernization. As part of the investment program for 2026, which includes 7 large-scale projects with a total cost of 294.6 million dollars, 142.8 million dollars have already been spent in the first half of the year. Additionally, 35 localization projects out of 40 planned have been completed, which made it possible to produce import-substituting products worth 649.8 billion soums. During the reporting half-year, the plant transferred a record 16 trillion soums to the state budget.

High operational and financial indicators lay a solid foundation for future partial privatization of the asset. According to the approved presidential decree, the initial public offering (IPO) of Almalyk Mining and Metallurgical Plant is scheduled for the first half of 2027. The open stock market is planned to sell 10% to 15% of the shares of this largest state enterprise.