Almalyk Mining and Metallurgical Combine Reports 50.5% Growth in Net Profit for 2025

Tashkent, Uzbekistan (UzDaily.com) — JSC “Almalyk Mining and Metallurgical Combine” (AGMK) recorded a significant improvement in financial performance for 2025, reporting a net profit of 11.6 trillion soums, an increase of 50.5% compared to 2024.

The most pronounced growth occurred in the fourth quarter, with the company earning 3.3 trillion soums over the last three months of the year, up 111.1% year-on-year.

Export revenue for the reporting period decreased to US$510.4 million, accounting for 12.1% of total revenue, compared to US$610.9 million, or 19.5%, a year earlier.

The financial statements also reflect changes in the company’s liability structure. Long-term loans and borrowings increased by 1.6 trillion soums over the year, reaching 28.5 trillion soums, while short-term borrowings decreased by 1.1 trillion soums to 2.5 trillion soums.

As of the end of 2025, the company’s assets amounted to 86.4 trillion soums, up 18.1% year-on-year. Equity rose to 34.7 trillion soums, and retained earnings reached 15.9 trillion soums, an increase of 51.9% compared to the previous year. Total revenue of the enterprise reached 50.4 trillion soums, marking a 33.9% growth.

Against the backdrop of improved financial results, AGMK is preparing for a public listing. The company plans to conduct its initial public offering (IPO) in the first half of 2027, with 10–15% of shares expected to be offered.

The IPO is scheduled following the 2026 IPO of the National Investment Fund and the stock market debut of NGMK, which was initially planned for 2025 but likely postponed to 2026.