AKFA Group: New approaches to the business

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AKFA Group is the national Uzbek company we hear much, but know little. Established in 1998 by Jahongir Artikkhodjaev it was meant to be a large holding, setting new trends and standards for business in Uzbekistan.

Before moving to the state sector and becoming the mayor of Tashkent in December 2018 Jahongir Artikkhodjaev divided the business into certain holdings. AKFA Group is responsible for building materials, Artel occupies the sphere of household appliances and electronics, Discover Invest holds the building sector. Also, there are retail, education and medicine companies working separately. At the same time the market has some spheres that AKFA can hardly enter.

Today’s executives of AKFA Group (Abror Ganiev, the Chairman of the Board of Directors, and Kamran Gulamov, the CEO) are implementing the new strategy aimed to achieve business transparency. The group has periodically been criticized for its monopoly position in the market, whereas the figures state the opposite. In fact, there is no business area occupied by AKFA companies for more than 70 percent, while monopolies hold at least 85 percent of the state market. Therefore, currently the business strives to widen its transparency and increase people awareness.

Entering international markets

Nowadays Uzbekistan is on its way to entering the global economy. Central Asia companies should be ready for international competition demonstrating their advantages on the decent level. AKFA Artel holdings draw much attention to this line working on certifications and product quality. Recently, the group has received official recognition of international standards for professional development in the field of finance, accounting and auditing. Accreditation of ACCA (Association of Chartered Certified Accountants) and continuing studies will allow the company’s employees to broaden their knowledge and qualifications in accordance with the requirements of the CPD Standard.

The development strategy also includes other transformations such as implementation of ERP system, SAP digitalization, transition to international accounting system and IFRS. These steps are primarily directed to entering the international stock market in 2024 and becoming a public company presented in 25 countries.

 

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