The Ministry of Finance has named the most unprofitable enterprises among the state-owned facilities.
The first on this list is the Open Joint-Stock Company (OJSC) Barqi Tojik (Tajikistan’s state-run power utility company), which now operates just as power generation company. It owns and operates most of the electricity generating plants.
Recall, OJSCs Power Distribution Networks and Power Transmission Networks were established on the basis of the national power utility company in summer 2020
The process of restructuring of Barqi Tojik began in 2012 and Barqi Tojik was divided into three independent companies in late 2018: (i) generation; (ii) transmission business; and (iii) distribution.
Current total arrears of Barqi Tojik, including loans attracted for implementation of energy development project, reportedly exceed 32 billion somonis (equivalent to 3 billion U.S. dollars).
Meanwhile, Barqi Tojik’s accounts receivable now amount to only 3.7 billion somonis.
Barqi Tojik is followed by Tajik national air carrier, Tajik Air, which has not been in operation for already years as it does not have aircraft suitable for this.
Tajik Air’s current accounts payable amount to 449.3 million somonis (equivalent to 44 million US dollars), while its current accounts receivable amount to 60.1 million somonis.
It is to be noted that Tajik Air’s accounts payable include a US$20 million debt to Lithuanian UAB Skyroad Leasing.
The Finance Ministry also names OJSC Aluminsokhtmon among the most unprofitable large state-owned facilities. 100 percent of the shares of this company are owned by OJSC Tajik Aluminum Company (TALCO) with 100% of shares owned by the state.
Information on the debts of this company is not available in open sources.
OJSC NBO Roghun is also listed among the most unprofitable large state-owned enterprises. Its total arrears exceeded 1 billion somonis back in 2020.
It was not possible to find out how much total arrears of this company have changed over the past two years.
According to official statistics, about 800 enterprises with public capital (from 50% to 100%)have been registered in the country.
The largest of them are OJSC TALCO (with 100% of shares owned by the state), OJSC NBO Roghun (95%), OJSC Tajiktelecom (95%), OJSC Barqi Tojik (100%), OJSC Power Distribution Networks (100%), OJSC Power Transmission Networks (100%), Tajiktransgaz (100%), Dushanbe International Airport (100%), Tajik Air (1005), Tojik Cement (100 percent).
