President Mirziyoyev signed a decree on February 25 returning the Takhiatash Thermal Power Plant to the management of Thermal Power Plants and under the government control.
The plant was previously under trust management of Smart Integrity me. The decision to transfer the plant was made earlier, but was not officially announced. According to the decre, Smart Integrity me received 100% of the Takhiatash Thermal Power Plant under a trust agreement on September 18, 2023. In July 2024, the company had received trust management of the Tashkent and Navoi Thermal Power Plants.
The Takhiatash Thermal Power Plant ended 2023 with a profit of 4.37 billion soums, compared to 382.9 billion soums in 2021 and 56.6 billion soums in 2022.
According to the business plan, revenue in 2024 was projected at 3.39 trillion soums, with a net profit of 4.4 billion soums.
The final financial report for 2024 has not yet been published, but most key performance indicators (KPIs) were not met for the first nine months of that year.
For that period, net profit was 2.12 billion soums, with revenue of 2.17 trillion soums. For the first nine months of 2025, net profit increased 2.2-fold to 4.7 billion soums. However, revenue increased by only 6.8% to 2.3 trillion soums, and cost of sales increased to 2.02 trillion soums (+9.4%). Meanwhile, operating profit decreased by 29% to 208.6 billion soums, and operating expenses increased by 45% to 96.4 billion soums.
Net profit increased due to lower foreign exchange losses—44.9 billion soums compared to 177.08 billion soums a year earlier. The financial situation can be deemed as deteriorating operationally, but financially stabilized due to reduced currency risks.
About Smart Integrity me
According to public records, Smart Integrity me was incorporated in January 2023, specializing in the production and supply of electricity, as well as providing energy solutions.
The company's director is Iskandar Basidov (formerly the head of Uzbekenergo).
The sole equity owner is New Industrial Technologies, which owned the Paynet payment service (later purchased the Humo payment system) and Asian Chemical Group (which acquired a stake in Dehkanabad Potash Plant).
New Industrial Technologies was initially owned by Mustafa Abdurakhmanov, but today the founder is listed as Alexander Zakharyan. The latter also owns shares in Smart Fast Stroy (owns 70% of To’palang HPD Holding), Asia Alliance Group (majority shareholder in Asia Alliance Bank).
