Positive trend in the milling sector


Valuable notes for our active investors!


The analysis of the milling sector for the 1st half of 2020 showed that the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan dated September 13, 2018 No. 731 on "Measures to ensure reliable provision of the population of the country and sectors of the economy with grain, flour and bread based on competition and the introduction of market mechanisms" had a positive impact on this sector. Financial results surprised investors with significant growth. Unfortunately, among 39 JSCs in the milling sector in the first half of 2020, two companies, namely JSC "Buxorodonmahsulotlari" and JSC "Qoraqalpoqdonmahsulotlari", did not publish their financial reports, our analysis is based on the reports of 37 milling companies and we are happy to share them with you.




Assets for the first half of the entire flour-grinding sector amounted to 8.145 billion soums (800.7 million USD), compared to the previous year, assets increased by 26.8%. JSC "Surxondaryodonmahsulotlari" became the leader in terms of assets with the amount of 437.7 billion soums. JSC "Sho'rchi don mahsulotlari" is next with 431.5 billion soums in assets and the third one is JSC "Dunyo-M" with the size of 425.3 billion soums. At the same time, JSC "Asaka don mahsulotlari" and JSC "Toshkentdonmahsulotlari" have the highest growth by 148.0% and 143.5%, respectively. JSC Popdonmahsulotlari closes the top three with a growth of 121.6%.




The total amount of equity capital also skyrocketed by 109.0%, amounting to 1,507.1 billion soums (148.1 million USD). JSC "Dunyo-M" with the size of 167.8 billion soums became the leader in terms of equity capital. JSC "Ohangaron don" is the second with the amount of 123.4 billion soums and the top three is closed by JSC "Sho'rchi don mahsulotlari" with the amount of 106.9 billion soums. JSC "Oq oltin don mahsulotlari" became the leader in terms of equity capital growth with an increase from -2.47 bln. soums (-236.7 thousand USD) to 40.12 bln. soums (3.9 mln. USD), an increase of 1,727.4 % compared to the previous year. This is followed by JSC "Andijondonmahsulotlari" with an increase of 921.6%, from      -3.29 bln. soums (-317.9 thousand USD) to 27.06 bln. soums (2.6 mln. USD). The top three in terms of growth was closed by JSC “Zarbdor elevatori” with an increase of 600.2%.


Retained earnings


An interesting fact is that in the 1st half of 2019, the sector’s total amount of retained earnings was equal to -23.02 billion soums (-2.24 million USD). During the same period in 2020 the flour-grinding sector managed to close the 1st half with profit of 391.22 billion soums (37.8 million USD). The growth is equal to 1799.2%, even with 8 unprofitable JSCs.





Due to the current pandemic, at a time when the state budget is drought like a safari, the milling sector is rushing to help with water drops. Of course, these are not trillions of sums, nevertheless, 43.9 billion soums (4.2 million USD) is not a small amount. In general, such result should be encouraging, since last year the entire sector paid half as much.


Net profit


In terms of net profit «Namangandonmahsulotlari» JSC and «Dunyo-M» JSC stood out. These 2 JSCs generated 25% of the total net profit in the milling sector. JSC "Namangandonmahsulotlari" earned 31.77 billion soums (3.1 million USD), an increase of 131.0%. JSC "Dunyo-M" earned 26.17 billion soums (2.5 million USD). “Qo'qon don mahsulotlari” JSC with 15.2 billion soums (1.5 million USD) and “Ohangaron don” with 14.8 billion soums (1.4 million USD) closed the leading positions with a small difference.


In conclusion, we can safely say that it looks like the milling sector, the only sector where the pandemic, helped to the development of the enterprises. This growth is associated either with an increase in flour sales during a pandemic, or a transition to a market mechanism in determining prices for flour products from the beginning of the year.

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