According to the investment company Kapital Depozit, the net profit of the state-owned company "Uzbekneftegaz" decreased by more than half in 2023. Last year, the company's net profit decreased to 611.6 billion sums, which is 53% less compared to 2022. Over the past three to four years, the company's profit has dropped fivefold (in 2022, it was 1.3 trillion sums, and in 2021-2020 it was around 3.3 trillion sums).
Despite the decrease in net profit, Uzbekneftegaz increased its assets by 13.1% to 89.1 trillion sums, and revenue grew to 14.7 trillion sums (+11.2%). The company's equity decreased to 48 trillion sums (-2.9%), undistributed profit decreased to 5.7 trillion sums (-8.4%), and gross profit decreased to 3.1 trillion sums (-34.1%).
Dividend payments doubled to 2.5 trillion sums for the year, while long-term bank loans slightly decreased from 18 to 17.6 trillion sums. Short-term loans, however, tripled from 746.8 billion to 2.2 trillion sums.
Earlier, "Gazeta.uz" reported that Uzbekneftegaz is investing hundreds of millions of dollars in increasing gas production, despite a decline in production each year. The company also transferred its gas stations (UNG Petro) and the Chinaz oil refinery of the Petroleum Technology Group owned by Danir Kamilov.
