The key facts

  • UzAuto Motors' net profit for the first nine months of 2026 amounted to 1.87 trillion soums versus 3.52 trillion a year earlier (−46.9%)
  • Inventories grew from 11.70 to 17.57 trillion soums (+50.2%), cash declined by 80.6%
  • Production in the country rose by 12.8%, but UzAuto Motors' domestic sales fell by 13.7%

Profit nearly halved

UzAuto Motors published its financial report for the first nine months of 2026: net profit amounted to 1.87 trillion soums versus 3.52 trillion soums for the same period of 2025 — a decline of 46.9%. Revenue fell from 34.71 to 30.12 trillion soums (−13.2%), while the cost of sales declined more slowly (−11.2%), as a result of which the share of production costs in revenue increased. Gross profit fell by 28.2% to 2.94 trillion soums: for every 100 soums of revenue, 9.8 soums remained after deducting the cost of sales, versus 11.8 soums a year earlier.

Operating profit fell faster than revenue

Operating profit declined by 56.2% — from 2.96 to 1.30 trillion soums. Selling expenses rose by 14.3% — from 1.02 to 1.17 trillion soums. Profit from positive exchange rate differences fell by 76% — from 726.3 billion to 173.9 billion soums, while financial income grew from 879.3 billion to 1.2 trillion soums. Expenses on servicing loans and finance leases increased from 481.2 to 525.1 billion soums.

Inventories grew by 50%, cash fell by 80%

The company's inventories as of September 30, 2026 reached 17.57 trillion soums versus 11.70 trillion at the beginning of the year — an increase of 50.2%. Short-term accounts payable nearly doubled: from 3.07 to 5.99 trillion soums (+95.5%). Cash and cash equivalents declined by 80.6% — from 1.33 trillion to 257.2 billion soums. Assets grew to 35.31 trillion soums, liabilities to 17.99 trillion, and equity to 17.32 trillion.

What the IFRS half-year report showed

The consolidated report for the first half of 2026 under IFRS, confirmed by management on October 23 and reviewed by Deloitte, reveals details. Group revenue fell by 2.1% — from $1.644 billion to $1.609 billion, net profit by 25.8% to $108.8 million. The value of finished goods as of June 30 reached $954.8 million versus $544.7 million at the end of 2025 (+75.3%); the composition of inventories, the number of vehicles, and the reasons for the growth are not disclosed in the report. Customer advances for vehicles fell by 66.3% — from $79.3 million to $26.7 million, which the company explained by the fulfillment of previously concluded contracts.

Debts to suppliers and sales support

Accounts payable grew from $603 million at the end of 2025 to $917 million as of June 30 (+52%). Among the main foreign suppliers, General Motors Overseas Distribution and GM Korea are named, with payment deferrals of 60 to 120 days. To stimulate sales, the company placed deposits of $235.9 million in InfinBank, Asakabank, and Kapitalbank to support car loans — twice as much as the $118.8 million at the end of 2025. Installment plans for individuals were extended to 36 months; receivables from such sales declined from $312.1 million to $240.8 million. Compensation to key management (CEO Janos Kovacs, members of the executive board, and the chief accountant) rose by 20.7% — from $648 thousand to $782 thousand for the half-year.

Production grows, Chevrolet sales fall

According to the Statistics Agency, 235,794 passenger cars were produced in Uzbekistan in the first half of 2026 — 12.8% more than a year earlier. At the same time, according to the Uzavtosanoat association, UzAuto Motors' domestic sales fell by 13.7% — from 94,048 to 81,210 vehicles, while Khorezm Auto's sales grew by 14.5% to 54,862. Combined sales of the two enterprises fell by 4.2% to 136,072 units, and their share in the statistics declined from 82.4% to 77.6%. BYD Uzbekistan's sales grew by 75.2% to 17,012 vehicles. The gap between production growth and falling sales does not by itself show the volume of unsold vehicles: export data and opening balances are needed for that. The growth in finished goods inventories may indicate production exceeding sales, but it could also be explained by delivery timing, a growing share of more expensive models, or increased production costs — the report does not disclose the reasons.