Uzbek National Investment Fund said to mainly owe recorded YoY profit surge of nearly 4,000% to unrealised gains

Uzbekistan’s state-controlled National Investment Fund (UzNIF) has reported a year-on-year net profit surge of nearly 4,000 per cent but chiefly owed the stunning increase to unrealised gains on equity investments – recorded potential but unacquired profits, an Uzbek business news portal said.

UzNIF’s total recorded net profit for the first half of 2026 amounted to 2.1tn soums ($175bn) while its unrealised gains for this period reached 2.2tn soums ($184bn).

This reflected “changes in the market value of securities” in the portfolio of the fund, which carried through a landmark initial public offering in May 2026, UzDaily.uz said.

UzNIF put its total net profit for the first six months of last year at 52.6bn soums ($4.4m).

Its total assets stood at 32.5tn soums ($2.7bn) as of mid-2026, having increased by 7.2 per cent since the start of the year. The fund’s equity grew by 6.1 per cent to 31.7tn soums and its retained earnings went up by 146.6 per cent to 3.5tn soums ($293m) in this period, UzDaily.uz said.

UzNIF, which has been managed by investment management company Franklin Templeton since May 2025, raised $691.5m, including the amount raised by exercising an overallotment option, in an IPO in May 2026 with listings on the London and Tashkent stock exchanges.

The IPO involved the sale by UzNIF of stakes of between 25 and 40 per cent in 13 companies in sectors including telecom, transport, energy, banking and utilities.