AGMK Nearly Doubles First-Half Net Profit in 2026

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan's Almalyk Mining and Metallurgical Combine (AGMK) nearly doubled its net profit in the first half of 2026, driven by higher exports, improved operating efficiency and lower debt.

According to the company's financial statements, net profit rose to 8.7 trillion soums from 4.4 trillion soums in the same period last year. Revenue increased by 39.8% to 30.2 trillion soums.

Gross profit climbed 58% to 20.7 trillion soums from 13.1 trillion soums. Income from positive foreign exchange differences increased by 45.5% to 2.3 trillion soums, while losses from negative foreign exchange differences declined by 16.2% to 2.4 trillion soums.

One of the main factors behind the improved financial performance was the expansion of export activity. Export shipments more than doubled in January-June, rising from US$239.3 million to US$493.4 million.

The company also continued to reduce its debt burden. Long-term loans and borrowings fell by 4.7 trillion soums during the first half to 24.1 trillion soums, while short-term liabilities declined by 3.6 trillion soums to 2.3 trillion soums.

At the same time, AGMK is implementing a large-scale investment programme. According to the company's press service, seven major investment projects with a combined value of US$294.6 million are planned for 2026. During the first six months of the year, US$142.8 million had already been invested.

The company also plans to implement 40 projects this year with a total value of 1.51 trillion soums. By the end of the first half, 35 projects had been completed, and the value of locally manufactured products reached 649.8 billion soums.

In January-June, AGMK transferred 16 trillion soums to the state budget.

AGMK remains one of Uzbekistan's largest state-owned assets being prepared for privatization.

Under the presidential decree on the privatization of state-owned enterprises, the company's initial public offering is scheduled for the first half of 2027. Between 10% and 15% of the company's shares are planned to be offered on the stock market.