Uzbekistan Airways Reports 44% Profit Growth

Uzbekistan Airways posted a net profit of 710.2 bn soums ($59.2 mln) in the first nine months of 2025, marking a 44% increase from the 494 bn soums ($41.2) earned during the same period last year. According to the airline’s quarterly report under national accounting standards, revenue grew by 6.6% from 12.9 trln ($1 bn) to 13.7 trln soums ($1.1 bn).

Financial performance

The cost of sales stood at 11.7 trln soums ($975.8 mln), resulting in a gross profit of 2.02 trln soums ($168.4 mln), similar to last year’s level. Period expenses nearly halved from 1.43 trln ($119.3 mln) to 772.2 bn soums ($64.4 mln), largely due to a reduction in administrative and operating costs. This helped raise operating profit by 63% to 1.46 trln soums ($121.8 mln).

However, financial operations recorded losses, with income from financial activities at 891 bn soums ($74.3 mln) and expenses totalling 1.51 trln soums ($125.9 mln). Most of the losses stemmed from interest payments of 382 bn soums ($31.8 mln) and exchange rate differences amounting to 1.13 trln soums ($94.2 mln). Gains from currency revaluation and interest income were not enough to offset these losses.

Despite this, overall profit from ordinary activities rose to 841 bn soums ($70.1 mln), up from 586 bn ($48.9 mln) a year earlier. Net profit reached 710.2 bn soums ($59.2 mln), while the net profit margin improved from 3.8% to 5.2%, indicating stronger operational efficiency even amid financial pressures.

Future outlook

Uzbekistan Airways remains the country’s leading air carrier and continues to expand passenger traffic. A quarter of the airline’s shares belong to the Uzbekistan National Investment Fund (UzNIF), which plans to hold an IPO and offer part of its assets on the open market.