The income statement (Form 2) explained, line by line
Finmind editorial team · · Updated · 9 min read
How to read the NSBU report on financial results (Form 2) of an Uzbek company: revenue, gross profit, operating profit, finance lines, tax and net profit.
In short
The income statement, still called Form 2, shows how a company did over a whole year, from sales down to net profit.
Figures are in thousands of soʻm, and a loss sits in the expenses column without a minus sign.
Revenue minus the cost of sales gives gross profit; after operating costs comes profit from core activity.
Finance lines, especially exchange gains and losses, can swing net profit from year to year.
Compare with last year's column, separate the business from one-offs and read it with the balance sheet.
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The balance sheet tells you what a company owns and owes on one day. The income statement tells you how it did over a whole year: how much it sold, what that cost and what was left as profit. In Uzbekistan, companies that report under the national accounting standards (NSBU, in Uzbek BHMS) file it as the "report on financial results", which investors still call Form 2. This guide explains each line and shows a worked example.
Where Form 2 comes from
From 2003 to the end of 2024 the reporting forms were set by a Ministry of Finance order in which the report on financial results was form No. 2 (lex.uz, registration No. 1209, as of 26 September 2026). Since 1 January 2025 the forms are set by the Regulation on the deadlines, structure and content of financial statements, registration No. 3567 (lex.uz, as of 26 September 2026). The report on financial results is its second annex, with the same line codes from 010 to 270.
Three points about the format save a lot of confusion:
The unit is thousands of soʻm. A revenue line of 100,000,000 means 100 billion soʻm.
There are two periods. One column group shows the same period of the previous year, the other shows the reporting period, so every line comes with its own comparison.
Each period has two columns: income (profit) and expenses (losses). A result line such as operating profit or net profit is written in the income column when it is a profit and in the expenses column when it is a loss. The number itself has no minus sign, so always check which column it sits in.
Listed companies' filed reports are published on openinfo.uz, the corporate disclosure portal. Under the Law on the securities market, an issuer's quarterly and annual reports must include the balance sheet and the report on financial results (Article 39, lex.uz, as of 26 September 2026).
From revenue to gross profit
Line 010, net revenue from sales of products, goods, work and services. This is the top line.
Line 020, cost of goods sold: the direct cost of what was sold, such as raw materials, energy and production wages.
Line 030, gross profit, which is line 010 minus line 020.
Gross margin is line 030 divided by line 010. It shows how much of each soʻm of sales is left after the direct cost of producing it. A falling gross margin can mean rising input costs that the company cannot pass on to customers.
Operating expenses and operating profit
Line 040, period expenses, the sum of three lines: selling expenses (050), administrative expenses (060) and other operating expenses (070).
Line 090, other income from core activity.
Line 100, profit from core activity, calculated as line 030 minus line 040 plus line 090.
Line 100 is the closest thing on the form to operating profit. It shows what the business earned from its main work before financing and tax. Operating margin is line 100 divided by line 010.
Finance lines
The next block is where many Uzbek companies' results swing from year to year.
Line 110, income from financial activity, made up of dividends received (120), interest received (130), finance lease income (140), foreign exchange gains (150) and other financial income (160).
Line 170, expenses on financial activity, made up of interest expense (180), interest on finance leases (190), foreign exchange losses (200) and other financial expenses (210).
Line 220, profit from general business activity, which is line 100 plus line 110 minus line 170.
Look closely at lines 150 and 200. A company with loans in foreign currency can report a large loss when the soʻm weakens, even if its core business did well. The reverse is also true: a year with a big exchange gain can make profit look better than the business really performed.
Tax and net profit
Line 230, extraordinary profits and losses.
Line 240, profit before income tax, line 220 plus or minus line 230.
Line 250, income tax, and line 260, other taxes and charges paid from profit.
Line 270, net profit for the reporting period, line 240 minus lines 250 and 260.
If the same company had instead shown 4,000,000 on line 270 in the expenses (losses) column, that would be a net loss of 4 billion soʻm, not a profit.
What to check every time
Compare with last year. The form gives you the previous year's column, so use it. Did revenue grow faster or slower than costs?
Separate the business from the finance lines. If net profit rose mainly because of exchange gains or other financial income, the improvement may not repeat.
Look for one-offs. Large amounts on lines 090, 160, 210 or 230 deserve a look in the notes and in the company's disclosures.
Read it with the balance sheet. Profit that is not matched by cash may be sitting in growing receivables. Our guide on how to read a balance sheet shows where to find them.
Banks are different. Commercial banks are outside the regulation that sets these forms, and their reports on openinfo.uz start with interest income rather than sales, so the line codes here do not apply to them.
Do
Compare every line with last year's column.
Separate the core business from the finance lines.
Read the income statement together with the balance sheet.
Don't
Treat a profit lifted by exchange gains as a lasting improvement.
Skip large amounts on the one-off lines.
Apply these line codes to banks.
Where Finmind helps
The public stocks pages on Finmind show, for every UZSE share with filings on record, the net revenue and net profit for the latest reported year. Under Reported history they chart revenue and net income by fiscal year, earnings per share and year-on-year revenue growth, with the as-of date and the source: openinfo.uz annual filings (NSBU Form 1 and Form 2). A year the company did not report is shown as not reported, never as zero. See, for example, Qizilqumsement (QZSM). To connect profit with the share price, read our guide to the P/E ratio and dividend yield.
Frequently asked questions
Each period on the form has an income (profit) column and an expenses (losses) column. A loss is written as a positive number in the expenses (losses) column. Always check which column a result line sits in before you use it.
No. Net profit follows accrual accounting, so it includes sales that customers have not paid for yet and costs that have not been paid. Cash movements are reported in the cash-flow statement, which is a separate form.
Use line 270, net profit for the reporting period, from the annual report, and divide it by the number of shares outstanding. Make sure you use a full-year figure, not a quarter.
Under the Law on the securities market, issuers disclose quarterly reports that include the balance sheet and the report on financial results. For listed companies you can find the filed reports on openinfo.uz.
This article is for education only and is not investment advice. Investing in securities involves risk, including the loss of money you invest.
Key terms in this post
Issuer
The company or government that issued a share or a bond and has obligations to its holders.
Earnings per share (EPS)
A company's net profit divided by the number of its shares.
P/E ratio
The share price divided by the earnings per share: how many years of today's profit the price pays for.
Return on equity (ROE)
Net profit as a percentage of shareholders' equity: how well a company earns on its owners' money.
Uzmetkombinat: net revenue and net profit, 2015 to 2025. Source: openinfo.uz, the disclosure portal. As the company filed them on openinfo.uz (national accounting standards), in soʻm. Read by Finmind on Sep 28, 2026.
