Tashkent, Uzbekistan (UzDaily.com) — The Navoi Mining and Metallurgy Combine (NGMK) will allocate 14.4 trillion soums from its net profit for 2023 to dividend payments. This decision was made at the company’s annual general meeting of shareholders.

The meeting also decided to extend the employment contract of the company’s Chairman, Kuvondik Sanakulov, for one more year.

Additionally, it was announced that the NGMK Supervisory Board is taking steps to prepare for the placement of up to 5% of the company’s shares on the international stock market through an IPO. The draft resolution on this matter will be presented at the next general meeting of shareholders.

NGMK’s net profit for 2023, according to International Financial Reporting Standards (IFRS), reached nearly US$1.5 billion, a 46.6% increase from the 2022 figure.

It is noteworthy that in 2022, the company allocated its entire net profit of 15.4 trillion soums to the state budget as dividends.