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

The National Interbank Processing Center (Humo) reported a significant increase in net profit for the first half of 2026, reaching 410.9 billion Uzbek soums, a 3.3-fold rise compared to 124.3 billion soums in the same period last year. This remarkable growth highlights Humo’s effective business strategy and operational scalability in the evolving payment processing sector.

Revenue Growth and Cost Management Drive Profitability

In the January-June period, Humo’s total revenue surged nearly threefold from 224.9 billion soums to 663.7 billion soums, an increase of 438.7 billion soums year-over-year. Meanwhile, the cost of services increased at a slower rate—by 58.7% to 102.7 billion soums—enabling gross profit to climb sharply by 3.5 times to 561 billion soums from 160.2 billion soums.

Despite a nearly fourfold rise in operating expenses to 125 billion soums—driven by a 4.1-fold increase in administrative expenses to 76.3 billion soums and a leap in sales expenses from 900 million to 23.4 billion soums—the company’s core operating profit expanded from 130.3 billion to 436.3 billion soums. Pre-tax profit was recorded at 448.7 billion soums, with net profit settling at 410.9 billion soums.

This performance translated into a net profit margin increase from 55.2% to 61.9%, meaning Humo retains approximately 62 soums in profit from every 100 soums earned in revenue. This margin reflects the company’s pricing power and efficiency in managing its expanding operations.

“The company’s ability to sustain high profitability ratios amidst rapid revenue growth underscores the success of its strategic execution and cost control measures,” said a financial analyst.

Impact of Tax Policy Changes on Quarterly Profitability

The second quarter saw a near plateau in net profit at approximately 204.9 billion soums, nearly matching the first quarter’s 206 billion soums. This stagnation is attributable in part to the discontinuation of tax incentives from April 1, 2026.

Previously, as an IT Park resident since April 30, 2025, Humo benefited from favorable tax treatment. However, from April 1, 2026, payment organizations and payment system operators were removed from the IT Park residency list, resulting in a significant increase in tax expenses. The company’s tax costs in the first half amounted to 37.8 billion soums, with the bulk—approximately 26.6 billion soums—incurred in the second quarter, compared to just 11.2 million soums in Q1.

Balance Sheet Strength and Capital Structure

As of July 1, 2026, Humo’s total assets grew by 21.1% year-to-date to 865.1 billion soums. Shareholders’ equity increased by 14.4% to 715.4 billion soums, reflecting retained earnings and capital preservation. Liabilities rose by 68.7% to 149.7 billion soums, consisting entirely of current liabilities. Notably, the company maintains a debt-free position with no bank loans or long-term borrowings on its books.

Ownership and Market Position

Humo was acquired by Paynet at the beginning of 2025 for $65 million. Paynet itself posted a net profit of 615.5 billion soums in the first half of 2026, with dividends from Humo contributing to over half of that amount. Humo’s profitability accelerated in 2026, with net profit in the first six months already 1.3 times greater than the entire 2025 result of 312 billion soums.

This financial momentum, combined with Paynet’s backing and Humo’s resilient business model, positions the company favorably for further strategic initiatives and market expansion in Uzbekistan’s payment processing industry.