Humo Payment System Triples Net Profit to 411 Billion UZS in First Half of 2026

The payment system operator "Milliy banklararo protsessing markazi" AJ, managing the Humo payment system, reported a substantial increase in net profit for the first half of 2026, reaching 410.9 billion Uzbek soums (UZS). This represents a 3.3-fold increase compared to 124.3 billion UZS during the same period last year.

Strong Revenue Growth and Profitability Amid Changing Tax Landscape

Humo's revenue nearly tripled year-on-year, growing from 224.9 billion UZS to 663.7 billion UZS, an increase of 438.7 billion UZS. Although the cost of services increased at a slower pace by 58.7% to 102.7 billion UZS, the company’s gross profit surged 3.5 times from 160.2 billion UZS to 561 billion UZS.

Operating expenses also rose significantly, nearly quadrupling from 32 billion UZS to 125 billion UZS. Administrative expenses increased 4.1 times to 76.3 billion UZS, while selling expenses grew dramatically from 900 million UZS to 23.4 billion UZS.

Despite these rising costs, Humo’s operating profit expanded from 130.3 billion UZS to 436.3 billion UZS. Profit before tax stood at 448.7 billion UZS, and net profit reached 410.9 billion UZS. The company maintained an impressive net profit margin, increasing from 55.2% to 61.9%, meaning it retained nearly 62% of every 100 UZS earned as profit.

"The company preserved almost 62% of its revenue as profit, reflecting strong operational efficiency despite increased expenses."

Impact of Tax Regime Changes on Quarterly Performance

Analyzing quarterly results reveals that net profit remained almost flat between the first and second quarters of 2026, with 206 billion UZS and approximately 204.9 billion UZS, respectively. This stagnation is attributed to the revocation of tax privileges effective April 1, 2026.

Humo had benefited from IT Park residency tax incentives since April 30, 2025, but payment organizations and payment system operators were removed from the IT Park regime starting April 1, 2026. Consequently, the company incurred a net profit tax expense of 37.8 billion UZS during the first half of 2026, most of which affected the second quarter, in contrast to only 11.2 million UZS paid in the first quarter.

Balance Sheet Growth and Capital Structure

As of July 1, 2026, Humo’s total assets increased by 21.1% year-to-date, reaching 865.1 billion UZS. Shareholders’ equity rose by 14.4% to 715.4 billion UZS. The company’s liabilities grew by 68.7%, from 88.7 billion UZS to 149.7 billion UZS, all classified as current liabilities. Importantly, Humo carries no bank loans or long-term debt.

Ownership and Market Context

In early 2025, Paynet acquired Humo for 65 million USD. Paynet itself reported a net profit of 615.5 billion UZS in the first half of 2026, with dividends from Humo constituting over half of that figure. Humo generated over 312 billion UZS in net profit in 2025 and has already posted 1.3 times that amount in the first half of 2026 alone.

This performance contrasts with other players in the market, such as Uzcard, whose first-half 2026 profitability figures have been reported separately.