Uzbekistan Airways increases net profit to over $53 million

In 2024, Uzbekistan Airways significantly increased its net profit, despite a sharp rise in total expenses, particularly in "other operating expenses." The airline's net profit reached 687.5 billion UZS ($53.2 million), marking a 67.4% increase compared to 2023, when it was just over 410 billion UZS.

Photo: Spot

Net revenue from service sales amounted to 17.51 trillion UZS (a 19.93% increase). The cost of goods sold led to expenses of 14.79 trillion UZS (+19.61%), significantly increasing total costs.

Despite the rise in costs, the company's gross profit reached 2.72 trillion UZS, slightly exceeding the previous year's figure (+21.6%).

Total expenses for the reporting period increased 2.44 times — to 1.91 trillion UZS. While sales expenses (307.6 billion UZS) and administrative expenses (124.6 billion UZS) grew slightly, "other operating expenses" increased more than 3.72 times - to 1.48 trillion UZS.

Additionally, foreign exchange losses decreased from 1.99 trillion UZS to 845.4 billion UZS, while foreign exchange income dropped from 1.45 trillion UZS to 541 billion UZS.

Other income from core operations quadrupled, exceeding 415 billion UZS. Operating profit amounted to 1.22 trillion UZS, which is 21.2% less than in 2023. Retained earnings stood at 293.3 billion UZS.

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