Tavantolgoi JSC Posts 92% Revenue Growth and 167% Profit Surge in H1 2026
Amarsanaa Sunduijav
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Revenue surpasses MNT 1.4 trillion as total assets more than double since year-start
Key Financial Indicators (1 January – 30 June 2026)
Indicator | H1 2025 (Prior Year) | H1 2026 (Current Period) | Change |
|---|---|---|---|
Net Revenue | 727.4 тэрбум ₮ | 1,399.5 тэрбум ₮ | +92.4% |
Gross Profit | 253.8 тэрбум ₮ | 661.9 тэрбум ₮ | +160.8% |
Gross Margin | 34.9% | 47.3% | +12.4 нэгж |
Pre-tax Profit | 243.2 тэрбум ₮ | 649.6 тэрбум ₮ | +167.1% |
Net Profit | 183.0 тэрбум ₮ | 488.3 тэрбум ₮ | +166.8% |
Total Assets | 618.1 тэрбум ₮ | 1,254.1 тэрбум ₮ | +102.9% |
Cash & Equivalents | 285.4 тэрбум ₮ | 935.0 тэрбум ₮ | +227.6% |
Total Equity | 287.5 тэрбум ₮ | 611.1 тэрбум ₮ | +112.6% |
Revenue
Tavantolgoi JSC (MSE: TTL) has reported its financial results for the first half of 2026 (1 January – 30 June 2026). Net revenue for the period surged 92.4% year-over-year to MNT 1,399,503,157,718, compared to MNT 727,400,236,143 in H1 2025. Total revenue exceeding MNT 1.4 trillion in a single half-year marks a significant milestone in the company's performance.
Gross Profit & Profitability
Cost of goods sold totalled MNT 737,621,381,037. Gross profit reached MNT 661,881,776,682, up 160.8% from MNT 253,804,850,663 in the prior-year period. Gross margin expanded markedly from 34.9% to 47.3%, reflecting improved pricing and cost management.
Net Profit
Pre-tax profit increased 167.1% to MNT 649,628,913,361, against MNT 243,188,323,498 in H1 2025. After recognising income tax expense of MNT 161,356,040,910, net profit for the period reached MNT 488,272,872,452 — a 166.8% increase from MNT 182,980,165,995 reported a year ago.
Balance Sheet
As of 30 June 2026, total assets stood at MNT 1,254,072,166,689, up 102.9% from MNT 618,111,893,460 at the start of the year. Cash and cash equivalents surged 227.6% to MNT 934,967,717,719, demonstrating strong liquidity. Total liabilities were MNT 642,927,459,874, while total equity grew to MNT 611,144,706,815, driven by retained earnings of MNT 604,581,789,806.
Cash Flow
Net cash from operating activities reached MNT 737,297,983,090, reflecting robust underlying cash generation. After MNT 89,173,484,060 in financing outflows (primarily dividend payments), total net cash for the period amounted to MNT 649,577,036,552.
Ownership Structure
The state holds a 51% ownership stake in Tavantolgoi JSC, with the remaining 49% in private hands. The company is listed on the Mongolian Stock Exchange under the ticker TTL.
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