Why is this important
The average top manager’s bonus for 9 months (2.1 billion) is 29 times higher than the average Uzbekistani’s annual salary (72 million). The top 10 took almost half of all bonuses, leaving 25.79 billion to the remaining employees. At the same time, UZCARD dominates the payment systems market (70% versus 30% at HUMO) due to its monopolistic position, not just the management’s efforts.
What happened
- UZCARD revealed top management bonuses in audited reports for 9 months;
- Top 10 received 21.02 billion soums in bonuses — 2.1 billion per person;
- This is 45% of the company’s total bonuses (46.81 billion);
- A total of 155.51 billion was spent on personnel: salaries — 101.08 billion, bonuses – 46.81 billion;
- Earlier, the company reported 930 billion in profit for 9 months (+41%).
Who got it
- General Director;
- Deputy General Directors;
- Members of the supervisory board.
- Average bonus: 2.1 billion per person (about $174 thousand) for 9 months.
- The remaining employees — 25.79 billion (55%).
The average salary in Uzbekistan is 6 million per month, and the annual salary is 72 million. The top manager of UZCARD received a bonus of 29 times more in 9 months.
Profit context
Earlier, we wrote that UZCARD earned 930 billion soums in net profit for 9 months (+41% year-on-year). Revenue grew by 69.2% to 1.5 trillion, and operating profit by 59.1% to 1 trillion.
Monopoly vs merit
UZCARD dominates the payment system market: 70% versus 30% at HUMO. This ensures stable income through:
- Salary cards (most through UZCARD);
- Pension payments;
- State payments.
The 41% increase in profits partially reflects management efforts, but is largely due to the monopolistic position and the growth of non-cash payments in the country (annually 50-70%).
Transparency
UZCARD disclosed detailed information on top managers’ remuneration — a rarity for Uzbek companies. Most state-owned companies and even public firms do not disclose such data.
