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Leading Uzbek grocer Makro retains EY in accounting standards push

Leading Uzbek grocer Makro retains EY in accounting standards push
Photo: Makro

Darvoza Savdo LLC, the company that operates leading Uzbek food retailer Makro, announced it has retained Big Four accounting firm EY to audit the company’s books and help implement its transition to International Financial Reporting Standards (IFRS).

The appointment of EY comes amid a broader transformation as the grocery chain adopts international best practices and modernises its business processes in a drive to strengthen its leading position in Uzbekistan’s consumer market.

Darvoza Savdo completed its first audited IFRS financial statements for 2018-2019 earlier this year. The company plans to complete its 2020 IFRS audited financial statements in June and is currently in the process of deploying SAP ERP software.

“Partnering with EY, one of the foremost global accounting firms, is one of many initiatives Makro is taking to ensure our processes are up to international best practices,” said Roman Sayfulin, CEO of Makro. “We are committed to transparency and responsible corporate governance. As a progressive and modern company, Makro is continuing to transform its business and lead the way in food retail innovation in Uzbekistan.”

“It’s an honor to partner with one of Uzbekistan’s most successful and rapidly growing companies,” said Paul Cohn, Partner, EY Central Asia. “The consumer sector in this country of 34 million people presents huge opportunities. Makro is leading the way by bringing its financial reporting into line with international standards.”

Makro’s move to adopt IFRS comes as part of a wider government-backed push to improve accounting standards among Uzbek enterprises. In February 2020, President Shavkat Mirziyoyev issued an executive order calling on Uzbek companies to adopt IFRS accounting for 2021 and beyond.

With more than 100 locations in Tashkent and 27 other cities across Uzbekistan, Makro has cemented its status as the leading national supermarket chain through rapid expansion.