Uzbekistan's corporate season: Trust races ahead as Universal sputters

The second quarter of 2026 delivered a stark split in Uzbekistan's corporate landscape: while most companies posted double-digit revenue growth, net profit diverged wildly. Trust led with a 34.5% surge in net profit, while Universal suffered a 15.2% decline despite revenue rising 26.6%. This profit divergence—not revenue—defined the season.

Revenue growth, biggest movers (YoY)

Trust and Hamkor: the profit engines

Trust was the standout, with revenue up 29.0% year over year and net profit up 34.5%—the strongest net profit growth among all reporting companies. Hamkor also impressed, posting revenue growth of 23.8% and net profit growth of 21.5%. Both companies demonstrated that they can translate top-line expansion into bottom-line gains.

UZEX, while growing revenue at a slower 11.4%, still managed to grow net profit by 18.6%—a sign of operational efficiency. However, its growth decelerated from the prior period's 11.8% revenue and 20.5% net profit growth, suggesting momentum is fading.

Universal: a revenue mirage

Universal is the clear laggard. Despite revenue jumping 26.6% year over year, net profit fell 15.2%—a stark warning that cost pressures or one-off items are eroding profitability. This profit decline stands in sharp contrast to its top-line growth and is the worst net profit performance in the dataset.

UZEX slows, but remains profitable

UZEX's growth decelerated: revenue rose 11.4% in the first half of 2026, down from 11.8% in the prior period, and net profit increased 18.6%, down from 20.5%. While still positive, the slowdown raises questions about whether the company can maintain its growth trajectory.

Valuation: Universal cheap for a reason, Trust priced for perfection

Universal trades at a mere 5.4x earnings despite its revenue growth, but the profit decline makes it a value trap. Trust, with a P/E of 12.4x, looks reasonably priced given its 34.5% net profit growth—a PEG ratio below 0.4. UZEX at 9.1x earnings offers a middle ground, but its decelerating growth may not justify a premium.

Dividend yield: no standout income plays

None of the companies in the dataset reported dividend yields, leaving income-focused investors without a clear target. This absence suggests that these companies are prioritizing reinvestment over shareholder returns, which may appeal to growth-oriented investors but not to those seeking yield.

Looking at the long view, UZEX is the only company with a reported 3-year revenue CAGR of 4.2%, highlighting its steady but unspectacular growth. The divergence between revenue and profit growth—seen most dramatically at Universal—will be key to watch. If cost pressures persist, more companies could see profits lag despite healthy sales. Next quarter, keep an eye on whether Trust can sustain its margin expansion and whether Universal can reverse its profit decline.

Players: growth & yield (no absolute levels)