Ordinary shares of Uztelecom set a new all-time high on Tuesday, closing trading on the Tashkent Republican Stock Exchange at 8,000 soums per share. The stock gained 13.3% on the day and has risen 312% since the start of 2026, including the capitalization carried out in April.
As a result, the company’s shares have increased by more than four times this year. Investors who bought at the beginning of the year and sold at current prices would have earned a return of more than 300%.
The main driver behind the rally was the company’s half-year financial report, published on July 29. In the first half of the year, Uztelecom’s net profit jumped to 896 billion soums from 10 billion soums a year earlier. Revenue increased 12.6% to 5.8 trillion soums, while gross profit rose from 1.8 trillion to 2.4 trillion soums.
Foreign-exchange operations also supported the result. Income from positive exchange-rate differences increased from 241.4 billion to 429 billion soums, while losses from negative exchange-rate differences fell by more than half, from 801.2 billion to 380.5 billion soums.
Additional support for the shares may have come from an updated net asset value (NAV) estimate published by Uzbekistan’s National Investment Fund. According to an independent appraiser, one Uztelecom share in the fund’s portfolio was valued at 17,534 soums, more than twice the current market price.
The operator accounts for 18.25% of the fund’s net asset value, and its 30% stake is valued at $479.3 million. At the time of the half-year report, the shares were trading at 6,199.9 soums. At that price, the company’s return on equity (ROE) was 45%, return on assets (ROA) 8.5%, while P/E and P/B stood at 3.44 and 1.55, respectively.
As a result, the company’s shares have increased by more than four times this year. Investors who bought at the beginning of the year and sold at current prices would have earned a return of more than 300%.
The main driver behind the rally was the company’s half-year financial report, published on July 29. In the first half of the year, Uztelecom’s net profit jumped to 896 billion soums from 10 billion soums a year earlier. Revenue increased 12.6% to 5.8 trillion soums, while gross profit rose from 1.8 trillion to 2.4 trillion soums.
Foreign-exchange operations also supported the result. Income from positive exchange-rate differences increased from 241.4 billion to 429 billion soums, while losses from negative exchange-rate differences fell by more than half, from 801.2 billion to 380.5 billion soums.
Additional support for the shares may have come from an updated net asset value (NAV) estimate published by Uzbekistan’s National Investment Fund. According to an independent appraiser, one Uztelecom share in the fund’s portfolio was valued at 17,534 soums, more than twice the current market price.
The operator accounts for 18.25% of the fund’s net asset value, and its 30% stake is valued at $479.3 million. At the time of the half-year report, the shares were trading at 6,199.9 soums. At that price, the company’s return on equity (ROE) was 45%, return on assets (ROA) 8.5%, while P/E and P/B stood at 3.44 and 1.55, respectively.