Humo Payment System Reports 3.3-Fold Profit Increase to 411 Billion UZS in Six Months

The National Interbank Processing Center (NIPC), operator of Uzbekistan’s Humo payment system, announced a net profit of 410.9 billion Uzbek soums (UZS) for the first half of 2026, marking a 3.3-fold increase compared to 124.3 billion UZS in the same period last year.

Revenue surged nearly threefold, rising from 224.9 billion UZS to 663.7 billion UZS, fueled by a 438.7 billion UZS increase in turnover. While service costs grew by 58.7% to 102.7 billion UZS, gross profit soared 3.5 times from 160.2 billion UZS to 561 billion UZS.

Despite higher operational expenses—administrative costs increased 4.1 times to 76.3 billion UZS and sales expenses jumped from 900 million to 23.4 billion UZS—the company’s main business profit rose substantially from 130.3 billion UZS to 436.3 billion UZS. Pre-tax profit reached 448.7 billion UZS, with net profit at 410.9 billion UZS.

Humo’s net profit margin improved from 55.2% to 61.9%, retaining nearly 62% of every 100 UZS in revenue as profit. However, quarterly analysis shows profit plateaued in Q2 at about 204.9 billion UZS, close to Q1’s 206 billion UZS, likely due to the cessation of tax incentives for payment operators effective April 1, 2026.

Implications for US Companies and Market Dynamics

Humo had benefited from IT Park tax privileges since April 2025, but payment organizations were removed from the tax incentive program beginning April 2026, resulting in a significant increase in profit tax expenses—37.8 billion UZS in H1 2026 versus just 11.2 million UZS in Q1.

By July 1, 2026, Humo’s total assets had grown 21.1% year-to-date to 865.1 billion UZS, with equity rising 14.4% to 715.4 billion UZS. Liabilities, all current, increased 68.7% to 149.7 billion UZS. Notably, the company carries no bank loans or long-term debt.

In a key transaction for US investors, Humo was acquired by Paynet for $65 million at the start of 2025. Paynet itself reported a net profit of 615.5 billion UZS in H1 2026, with over half generated from dividends paid by Humo.

“Humo’s substantial profit growth and healthy margins highlight the lucrative potential within Central Asia’s payment infrastructure sector, attracting increasing attention from US fintech stakeholders.”

This growth trajectory, coupled with the dynamic regulatory environment affecting tax structures, underscores both opportunities and challenges for American companies engaging with Uzbekistan’s fast-evolving digital payments market.

US businesses with operations or investments in fintech, payment processing, or regional infrastructure stand to gain from understanding these developments. The removal of tax incentives, while temporarily affecting profitability, may also signal maturation of the sector, with more predictable financial frameworks emerging.

As competition intensifies in Central Asia’s payment systems, US firms might explore strategic partnerships or capital injections to capitalize on Humo’s expanding user base and transaction volume. Furthermore, monitoring similar Uzbek players like Uzcard, which also reported notable profits in early 2026, can provide comprehensive insight into regional trends.

Overall, Humo’s financial results reflect significant bottom-line impact and market resilience, positioning it as a critical player for international investors and policymakers evaluating the intersection of technology, regulation, and commerce in emerging markets.