Humo Payment System Reports 3.3x Net Profit Increase to UZS 411 Billion in H1 2026
Humo’s net profit surged to UZS 410.9 billion in the first half of 2026, driven by nearly triple revenue growth despite loss of tax incentives.
The National Interbank Processing Center JSC, which manages the Humo payment system, announced a significant financial milestone for the first half of 2026. The company reported a net profit of UZS 410.9 billion, a 3.3-fold increase compared to UZS 124.3 billion in the same period last year.
Revenue and Profit Growth Amid Rising Costs
During the six-month period from January to June, Humo’s revenue nearly tripled, climbing from UZS 224.9 billion to UZS 663.7 billion. This represents an increase of UZS 438.7 billion year-on-year. While the cost of services grew at a slower pace—by 58.7% to UZS 102.7 billion—the company's gross profit expanded significantly, rising 3.5 times from UZS 160.2 billion to UZS 561 billion.
Operating expenses also surged, increasing 3.9 times from UZS 32 billion to UZS 125 billion. Administrative expenses jumped 4.1 times to UZS 76.3 billion, and selling expenses rose sharply from UZS 900 million to UZS 23.4 billion. Despite these rising costs, the core operating profit climbed from UZS 130.3 billion to UZS 436.3 billion, underscoring strong operational performance.
Before tax profit reached UZS 448.7 billion, with net profitability improving from 55.2% to 61.9%. This means that Humo retained nearly 62% of every 100 soums earned as profit, indicating robust margin management.
"The company maintained an impressive profit retention ratio, saving 62 soums of every 100 soums earned as net profit despite increased expenses and tax changes."
Impact of Tax Incentive Changes on Quarterly Profits
Analysis of quarterly results reveals that while the annual net profit rose sharply, Humo’s profits in the first and second quarters of 2026 were nearly identical—approximately UZS 206 billion and UZS 204.9 billion respectively. This stagnation is likely linked to the elimination of tax incentives effective April 1, 2026.
Previously, Humo benefited from tax privileges as an IT Park resident starting April 30, 2025. However, as of April 1, 2026, payment organizations and payment system operators were removed from the IT Park resident list, resulting in a substantial increase in tax expenses. The company’s tax expense for the half-year was UZS 37.8 billion, with the majority attributable to the second quarter, compared to a mere UZS 11.2 million paid in the first quarter.
Balance Sheet Strength and Ownership Background
As of July 1, 2026, Humo’s total assets rose 21.1% year-to-date to UZS 865.1 billion, while equity increased 14.4% to UZS 715.4 billion. Liabilities grew by 68.7% from UZS 88.7 billion to UZS 149.7 billion, composed entirely of current liabilities. Notably, the company holds no bank loans or long-term debt, indicating a strong balance sheet position.
In 2025, Paynet acquired Humo for $65 million. Paynet itself reported a net profit of UZS 615.5 billion in the first half of 2026, with over half of this income generated through dividends from Humo. Humo generated a net profit exceeding UZS 312 billion for the entire 2025 fiscal year. Its performance in the first half of 2026 alone is approximately 1.3 times higher than the previous year’s full-year results.
These figures position Humo as a key player in Uzbekistan’s payment system sector, demonstrating rapid growth and resilience despite regulatory and tax changes.
