Uzbek Payment Firms Show Divergent Profit Growth in Q1 2026 Amid Sector Shakeup

Q1 2026 Financial Results Reveal Rapid Shifts in Uzbek Payment Sector

Major payment organizations in Uzbekistan have released their financial reports for the first quarter of 2026, highlighting significant variances in profit and revenue growth among leading players Paynet, Payme, and Click.

During the quarter, Click reported a 7.4% increase in net profit, reaching 78.6 billion Uzbek soums, alongside a robust 23.4% rise in revenue to 209.4 billion soums. Despite these gains, Click's growth was surpassed by its competitors.

Payme exhibited a remarkable 49.6% uplift in net profit, which rose to 104 billion soums. The company’s revenue surged by 52.3% to 230 billion soums, enabling Payme to overtake Click in profitability for the period.

The standout performer was Paynet, which posted an extraordinary 313.7% increase in net profit, quadrupling to 449.5 billion soums. Revenue also climbed 44% to reach 558.5 billion soums, underscoring Paynet’s dominant position in the market.

"Paynet’s Q1 net profit exceeded the entire 2025 fiscal year profit, driven by a substantial one-time dividend infusion."

This exceptional profit growth for Paynet was largely driven by a one-time dividend inclusion of 321.1 billion soums, as detailed in its report. When excluding this dividend, Paynet’s net profit stood at 128.4 billion soums.

It is noteworthy that in early 2025, Paynet acquired the Humo payment system for $65 million, a strategic move likely contributing to its enhanced market standing and financial performance.

These financial results signal a dynamic and evolving competitive landscape within Uzbekistan’s payment services sector. The variation in growth trajectories among these companies points to ongoing sector rotation and differing strategic impacts post-acquisitions and market adjustments.

Market participants and investors should closely monitor forthcoming quarterly releases to assess whether Paynet can sustain this momentum absent the one-time dividend or if Payme and Click will capitalize on strategic initiatives to close the gap.