Humo Payment System Boosts Net Profit Over Threefold to 411 Billion UZS in H1 2026

The Humo payment system, operated by the National Interbank Processing Center JSC, reported a remarkable increase in its financial results for the first half of 2026. The company recorded a net profit of 410.9 billion Uzbek soums (UZS), more than tripling its net profit of 124.3 billion UZS during the same period in 2025.

Robust Revenue Growth Amid Rising Costs and Changing Tax Landscape

In the first six months of 2026, Humo's revenue nearly tripled from 224.9 billion UZS to 663.7 billion UZS, representing an increase of 438.7 billion UZS year-on-year. The cost of services increased at a slower pace, rising by 58.7% to 102.7 billion UZS. As a result, the company’s gross profit expanded by 3.5 times, from 160.2 billion UZS to 561 billion UZS.

However, Humo’s operating expenses also rose significantly, almost quadrupling from 32 billion UZS to 125 billion UZS. Administrative expenses surged 4.1 times to 76.3 billion UZS, while selling costs increased sharply from just 900 million UZS to 23.4 billion UZS.

The company’s profit from core operations grew from 130.3 billion UZS to 436.3 billion UZS. Before tax, Humo’s profit reached 448.7 billion UZS, with net profit after tax at 410.9 billion UZS. The net profit margin improved from 55.2% to 61.9%, indicating that the company retained nearly 62% of every 100 soums earned as profit.

“Humo’s ability to maintain a net profit margin approaching 62% underscores its operational efficiency and strong market position despite rising expenses and policy shifts.”

While net profit increased substantially year-over-year, the second quarter of 2026 saw almost no growth compared to the first quarter, with net profits of 204.9 billion UZS and 206 billion UZS respectively. This plateau is largely attributed to the termination of tax privileges effective April 1, 2026.

Previously, from April 30, 2025, Humo benefited from tax incentives as a resident of the IT Park, but payment organizations and payment system operators were removed from this status starting April 1, 2026. Consequently, the company incurred 37.8 billion UZS in profit tax expenses in the half-year period, the bulk of which was paid in the second quarter, compared to just 11.2 million UZS in the first quarter.

Financial Position and Market Context

As of July 1, 2026, Humo’s total assets increased by 21.1% since the beginning of the year, reaching 865.1 billion UZS. Equity rose by 14.4% to 715.4 billion UZS. Meanwhile, liabilities expanded by 68.7%, from 88.7 billion UZS to 149.7 billion UZS, entirely composed of current liabilities. The company holds no bank loans or long-term debt.

It is notable that Humo was acquired by Paynet at the beginning of 2025 for $65 million. Paynet itself recorded a net profit of 615.5 billion UZS for the first half of 2026, with over half of this profit arising from dividends paid by Humo.

During 2025, Humo generated more than 312 billion UZS in net profit. Its performance in the first half of 2026 already exceeds the previous year’s total by approximately 30%, demonstrating rapid growth in Uzbekistan’s digital payments sector.

This growth reflects the expanding role of fintech platforms in the Uzbek economy, with Humo at the forefront of driving digital payment innovation, despite evolving regulatory and tax frameworks.