"Kvarts" JSC

“Kvarts” JSC is the largest producer of glass and glass products in Central Asia, producing high-temperature polished glass, glassware, polished colored glass sheets (green, blue and bronze) for the automotive, construction and food industries, as well as heat resistant glassware. The company was founded in 1975 in Kuvasoy city (Fergana region).

To date, the company has 5 main and 9 auxiliary shops. The company employs 2,494 people.

The total area of the enterprise is 59.35 hectares, the nominal value of the company's shares is 1,715 soums and the total number of shares is 96,449,218. One of the main shareholders of Kvarts JSC is UzAssets JSC, whose share is 89.8%. 

The capacity of the glassware workshop is 379 million per year. At the same time the polished glass production facility has a capacity of 30 million m².

In addition, the market share of glass jars of “Kvarts” JSC is 95%, of which: construction glass - 60% and 50%, glass bottles. At the same time, the company exports its products in large volumes to a some of foreign countries: Kazakhstan, Turkmenistan, Tajikistan, Kyrgyzstan, Georgia, Ukraine and Afghanistan. 

Since the quality of products and services produced “Kvarts” JSC meets the requirements of world standards, the company has received a certificate of compliance with the international standard ISO 9001:2008 of the National Certification System DQS of the Republic of Uzbekistan and the ICIM certificate of the International Authority for Standardization, located in Milan (Italy).

At the same time, “Kvarts” JSC won the contest “Best Enterprise of Uzbekistan” in 2017 and the company received certificates ISO 9001:2015 and ISO 50001.

In February 2017, at the BID International Quality Convention in Paris, France, “Kvarts” JSC was awarded the International Star for Leadership in Quality (ISQL) Gold Category in recognition of leadership, quality and innovation.

In September 2016, the production of raw materials for its own products was fully localized, and in 2017 the company launched the production of decorative stained glass products.

Separately, it should be noted that in 2017 the production workshops of the enterprise were modernized.

In 2018 Kvartz JSC sold 5% of its shares in the Initial Public Offering (IPO) conducted in the Republic of Uzbekistan, and 5% of its shares in 2019 in the Secondary Public Offering (SPO).

To modernize the production, “Kvarts” JSC launched a new float line for the production of polished glass with a capacity of 400 tons per day. The total cost of the project organization is 70,2 million US dollars. After the implementation of this project the company increased its export production up to USD 3 mln per year.

In addition, after the implementation of this project, the company has an annual production capacity of 22.2 million square meters, 3 meters, and established the production of glass products with a thickness of 2 mm to 19 mm. Modern equipment for the new line built based on this project was purchased from the Chinese company "ShanghaiPony Technology". After the implementation of this project energy consumption was reduced by 2 times. The product cost has been cut by 20-30%. It is worth noting that the need for construction glass in the local market will be almost covered, and export volumes will be expanded.

It should be noted that after the launch of the new line 280 new jobs were created. Today “Kvarts” JSC is the flagship of the glass industry and has several advantages:

  • - Securities have high liquidity in the Uzbek market (blue chip);
  • - high level of corporate governance and transparency;
  • - IPO and SPO experience;

At the same time, in recent years, the development of the automotive, furniture, food and construction industries in Uzbekistan leads to increased demand for glass and glass products.

Along with this, in 2021-2022 the company plans to transfer its financial and accounting records from the National Accounting Standards of the Republic of Uzbekistan (NAS) to International Financial Reporting Standards (IFRS).

 Statement of financial results (mln.uzs)

The Year

Accrued dividends


Payout ratio of the net profit (According to NAS)












Change over previous year






423 320,91

307 964,61

246 913,32

Cost of sales


274 578,72

220 257,76

164 417,05

Gross Profit


148 742,19

87 706,84

82 496,27

Distribution costs


18 285,00

11 537,84

10 264,51

Administrative expenses


14 922,92

13 585,93

13 296,05

Operating expenses


38 832,29

26 775,34

32 876,22

Other operating income


64 888,21

11 295,35

4 468,65

Operating Profit


141 590,18

47 103,09

30 528,14

Finance income


95 822,50

110 057,72

28 337,39

Foreign currency revaluation income


92 955,39

109 647,29

21 583,92

Finance expenses


182 699,75

99 800,78

14 689,84

Profit Before Tax


54 712,93

57 360,03

44 175,70

Income tax



10 288,85

5 312,26

Net profit


54 712,93

47 071,18

38 863,44

"Kvarts" JSC

Working capital ratio /Debt to equity ratio (Coef.)
Deterioration ratio/current financial independence ratio (Coef.)
Liquidity ratio (Coef.)
EPS /Dividend per share(UZS)
Equity/Liability (in B UZS)
Assets (in B UZS)
Revenue/Net Profit (in B UZS)
ROA (%)
ROE (%)
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