Barqi Tojik turns profitable, but debts remain

OJSC Barqi Tojik (state-owned power utility responsible for the generation of electricity) posted an operating profit of 2. 45 billion somoni in 2025, reversing a loss of 1. 6 billion somoni a year earlier. However, the company’s debt burden remains substantial, with total financial liabilities exceeding 23 billion somoni. This is according to the company’s consolidated financial statements for 2025, published by the Ministry of Energy and prepared in accordance with International Financial Reporting Standards (IFRS). Barqi Tojik’s revenue increased from 3. 83 billion somoni in 2024 to 4. 39 billion somoni in 2025. At the same time, the cost of sales fell from 3. 89 billion to 3. 21 billion somoni. As a result, the company recorded a gross profit of 1. 18 billion somoni, compared with a gross loss of 63. 8 million somoni in 2024.

Profit came not only from electricity sales However, the sharp improvement in the company’s financial results was not driven solely by its core electricity business. In 2025, Barqi Tojik reported 2. 93 billion somoni in net income from foreign-currency operations, compared with 388. 3 million somoni in 2024. After accounting for selling, administrative and financial expenses and other items, the company’s profit before tax amounted to 2. 91 billion somoni. Income tax expense was 462. 1 million somoni. This means that foreign-currency operations made a significant contribution to the company’s positive financial result, alongside revenue from electricity sales. Cash flow remains almost unchanged The improved accounting results have not translated into a comparable increase in cash flow. Net cash generated from operating activities amounted to 484. 9 million somoni in 2025, almost unchanged from 489. 5 million somoni a year earlier. Receipts from electricity…