JSC Navoi Mining and Metallurgical Combinat increased its IFRS net profit in the first half of 2026 by 57.2%, to $2.382 billion. Revenue for this period reached $7.067 billion, an increase of 49.9% compared to $4.715 billion a year earlier.
The company attributes the growth in financial performance primarily to rising gold prices. At the same time, the production of precious metal decreased by 1.8%, to 1.51 million troy ounces. Operating profit grew by 60.5%, to $4.511 billion, adjusted EBITDA by 59.8%, to $4.889 billion, and its margin increased from 64.9% to 69.2%.
Total AISC costs rose by 41.5%, to $1647 per ounce. This indicator was affected by an increase in royalties, inflation in material costs, an increase in stripping costs at the Muruntau quarry, and the strengthening of the sum against the dollar. Total cash costs (TCC) amounted to $1277 per ounce, an increase of 28.5%.
NGMK's operating cash flow decreased by 3.4%, to $2.514 billion, while capital expenditures increased by 31.8%, to $543 million. Funds were directed to expanding mine capacities, purchasing mining equipment, and geological exploration. Debt burden decreased from 0.5x to 0.3x, and the weighted average effective interest rate on the debt portfolio decreased from 7.71% to 6.67% per annum.