UzAuto Motors Net Profit Rises 7.8% Despite Revenue Dip

Tashkent, Uzbekistan (UzDaily.com) — UzAuto Motors Posts $339.6M Net Profit in 2025, but Operating Performance Deteriorates

Uzbekistan's dominant automaker UzAuto Motors grew its bottom line by 7.8% in 2025, masking a sharper deterioration in core operating performance that analysts will likely scrutinize closely when the full annual report is released.

According to condensed IFRS financial statements, net revenue came in at just under $4.1 billion — a 3.7% decline from $4.2 billion in 2024. The revenue contraction cascaded through the income statement: gross profit fell 21% to $459.7 million, while operating profit dropped from $383.3 million to $292.5 million year-on-year.

The profit paradox:

Despite the operational slide, net profit rose from $314.9 million to $339.6 million — a 7.8% increase driven entirely by non-operating income rather than core business performance.

Two factors account for the divergence. Financial income — comprising interest on deposits and bonds, and asset revaluation gains — climbed to $94.6 million from $65.6 million the prior year. More strikingly, foreign exchange movements swung dramatically in the company's favor: a $25.6 million FX loss in 2024 flipped to a $62.6 million FX gain in 2025, providing a significant one-time tailwind to the bottom line.

On the balance sheet, total assets grew to $2.6 billion and equity expanded to $1.3 billion, supported by accumulated retained earnings.

What remains unknown:

The condensed report does not disclose vehicle production volumes, domestic sales figures, or export shipment data. These metrics — critical for assessing the health of the underlying automotive business — are expected to be published in the full IFRS annual report.

The results present a nuanced picture of a company that remains highly profitable on paper, but whose operational engine is under pressure. Whether the FX and financial income gains that rescued the 2025 net profit figure are repeatable will be a central question when fuller disclosure arrives.