(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, March 28. The net profitof Uzbekneftegaz, a state-owned holding company in Uzbekistan's oiland gas industry, has dropped by more than half by the end of 2023,Trend reports.
Uzbekneftegaz's net profit amounted to 611.6 billion soums($48.6 million) last year, which is 53 percent less year-on-year the same time, the profit of the state-owned company hasdecreased five times in the last three to four years.
The assets of the oil and gas company reached almost 90 trillionsoums ($7.1 billion) in 2023, up 13.1 percent year-on-year amounted to 14.7 trillion soums ($1.1 billion), up 11.2percent over the year.
However, financial indicators such as equity (48 trillion soumsor $3.8 billion), retained earnings (5.7 trillion soums or $453.3million), and gross profit (3.1 trillion soums or $246.5 million)decreased significantly.
Uzbekneftegaz significantly increased dividend payments bydoubling their amount over the year to 2.5 trillion soums ($198.8million). Long-term bank loans decreased slightly from 18 to 17.6trillion soums (from $1.4 billion to $1.3 billion). However,short-term loans tripled, reaching 2.2 trillion soums ($174.9million).
Earlier, Fitch Ratings left the rating outlook of Uzbekneftegazunchanged, only downgrading the creditworthiness from 'b+' to 'b'due to weaker-than-expected profitability, a projected slowerdecline in leverage, prolonged limited liquidity, and a recentbreach of an interest coverage covenant for which the companyreceived a non-compliance permit.
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