The state-owned enterprise Navoiuran posted a net profit of 3.7 trillion soums, or $308 million for the January-September 2025 period, recording a 28.6% increase to the same period last year.
In Q3, the company's profit increased by 149.2%, reaching 1.9 trillion soums.
Over the first nine months, Navoiuran produced 10.6 trillion soums worth of goods, a 37.7% increase compared to the same period last year. The state budget received 3.8 trillion soums in taxes and dividends.
According to the company, the implementation of a range of cost optimization steps helped reduce production costs by 381.6 billion soums.
Assets increased by 73.5% to 16.4 trillion soums, with retained earnings topping 9 trillion soums (+35.4%).
In 2024, the company made 11.7 trillion soums of revenue, while net profit reached 5.99 trillion soums (more than doubling).
In June, Navoiuran placed inaugural $300 million Eurobonds on the London Stock Exchange with a five-year maturity and a 6.7% final coupon rate. An IPO is scheduled for the second half of 2026: 10-15% of the company's equity shares will be listed on international and domestic stock markets.
The increase in profitability coincided with a record increase in the price of uranium, reaching $83.45 per pound on the COMEX exchange at the end of September (it is currently trading around $77). This is driven by investment fund activity and expectations of growing demand for nuclear fuel. Furthermore, US strategic plans to expand uranium reserves and develop nuclear energy have reinforced positive market sentiment.
According to the World Nuclear Association, global uranium demand for nuclear power could increase by 28% by 2030, creating conditions for further price growth.
The company is also in the process of upgrading its international credit rating: Fitch Ratings upgraded its rating to "BB/stable" in July 2025, and S&P Global Ratings is expected to revise its rating in November.
