Humo Payment System's Profit Surges 3.3 Times to 411 Billion UZS in H1 2026
Humo's net profit reached 410.9 billion UZS in the first half of 2026, supported by strong revenue growth despite the end of tax incentives.
The Humo payment system, managed by the National Interbank Processing Center (NIPC) JSC, reported a significant increase in net profit for the first half of 2026. The company’s net profit rose to 410.9 billion Uzbek soms (UZS), a 3.3-fold increase compared to 124.3 billion UZS in the same period last year.
Revenue Growth Outpaces Costs Amid Structural Changes
During January to June 2026, Humo’s revenue nearly tripled from 224.9 billion UZS to 663.7 billion UZS, representing a gain of 438.7 billion UZS year-on-year. Meanwhile, the cost of services increased more moderately by 58.7%, reaching 102.7 billion UZS. This dynamic allowed gross profit to jump 3.5 times—from 160.2 billion UZS to 561 billion UZS.
However, operating expenses also surged by 3.9 times, from 32 billion UZS to 125 billion UZS. Administrative costs increased 4.1 times to 76.3 billion UZS, and selling expenses rose dramatically from 900 million UZS to 23.4 billion UZS. Despite these rising costs, Humo’s core operating profit grew more than threefold, from 130.3 billion UZS to 436.3 billion UZS.
Prior to taxes, profit totaled 448.7 billion UZS, with a net profit margin rising from 55.2% to 61.9%. In other words, the company retained almost 62% of every 100 UZS earned as profit, demonstrating strong profitability in an increasingly competitive payment processing market.
Impact of Tax Policy Changes on Profit Dynamics
While the annual profit growth is significant, Humo’s quarterly results reveal a slowdown in the second quarter of 2026. The first quarter net profit was 206 billion UZS, and the second quarter showed a marginal decline to 204.9 billion UZS. This plateau likely stems from the expiration of tax incentives effective from April 1, 2026.
Humo had benefited from IT Park residency tax privileges starting April 30, 2025, but payment organizations and payment system operators were excluded from this regime as of April 1, 2026. Consequently, Humo’s profit tax expenses surged to 37.8 billion UZS in the first half of 2026, with nearly all tax payments concentrated in the second quarter. Comparatively, the company paid only 11.2 million UZS in profit tax during the first quarter.
"The removal of tax benefits markedly affected our second-quarter profitability, yet the company remains highly profitable with a robust net margin exceeding 60%."
Balance Sheet and Ownership Structure
As of July 1, 2026, Humo’s total assets increased by 21.1% year-to-date, reaching 865.1 billion UZS. Shareholders’ equity grew by 14.4%, amounting to 715.4 billion UZS. The company’s liabilities, composed entirely of current liabilities, rose by 68.7% from 88.7 billion UZS to 149.7 billion UZS. Notably, Humo holds no bank loans or long-term debt, indicating a solid financial position.
In 2025, Paynet acquired Humo for 65 million USD. Paynet itself recorded a net profit of 615.5 billion UZS in the first half of 2026, with over half derived from dividends paid by Humo. This relationship underscores Humo’s strategic importance within Paynet’s portfolio.
Economic Implications and Market Context
Humo’s continued profitability and rapid revenue expansion reflect the rising demand for digital payment services and the strengthening of Uzbekistan’s fintech infrastructure. The firm’s ability to maintain a high profit margin despite the withdrawal of tax incentives suggests operational efficiency and pricing power in a competitive environment.
The increase in administrative and selling expenses points to strategic investments in market expansion and regulatory compliance, potentially laying the groundwork for sustained growth. Moreover, the absence of debt enhances Humo’s financial resilience, positioning it well for future market volatility.
From a broader perspective, Humo’s growth aligns with global trends favoring digital payment ecosystems, while navigating the specific regulatory landscape of Uzbekistan’s evolving financial sector. The company’s performance offers an instructive case study on managing profitability amidst shifting fiscal policies and competitive pressures.
