Humo Payment System Boosts Net Profit Over Threefold in First Half of 2026

The Humo payment system, managed by the National Interbank Processing Center, reported a net profit of 410.9 billion Uzbek soms for the first half of 2026. This figure marks a substantial increase of 3.3 times compared to the 124.3 billion soms recorded in the same period last year. The company has demonstrated robust growth, with revenues nearly tripling from 224.9 billion soms to 663.7 billion soms year-on-year.

Financial Performance and Profitability Drivers

Humo’s cost of services rose at a slower pace than revenues, increasing by 58.7% to 102.7 billion soms. As a result, gross profit expanded 3.5 times from 160.2 billion soms to 561 billion soms. Operating expenses increased nearly fourfold, from 32 billion soms to 125 billion soms, reflecting higher administrative and sales costs. Administrative expenses surged by 4.1 times to 76.3 billion soms, while selling expenses jumped from 900 million soms to 23.4 billion soms.

Despite these cost increases, operating profit soared from 130.3 billion soms to 436.3 billion soms. Pre-tax profit recorded 448.7 billion soms, with net profit settling at 410.9 billion soms. Profitability metrics also improved, with net profit margin rising from 55.2% to 61.9%, indicating that Humo retains nearly 62% of every 100 soms of revenue as profit.

“The company has maintained strong profitability despite significant increases in operating expenses and the removal of key tax benefits.”

Impact of Tax Policy Changes and Asset Growth

Although annual net profit increased over threefold, quarterly results showed a plateau between Q1 and Q2 of 2026. Profit in Q1 stood at 206 billion soms compared to 204.9 billion soms in Q2. This stagnation is partly attributed to the cancellation of tax incentives effective from April 1, 2026. Humo had benefited from IT Park residency status since April 30, 2025, providing significant tax relief. However, payment organizations and system operators were excluded from this status starting in 2026.

This change led to a sharp rise in profit tax expenses, which totaled 37.8 billion soms for the half-year, most of which were accrued in Q2. In Q1, tax payments were minimal at just 11.2 million soms. As of July 1, 2026, Humo’s total assets increased by 21.1% year-to-date, reaching 865.1 billion soms. Equity rose by 14.4% to 715.4 billion soms, while liabilities grew by 68.7% to 149.7 billion soms, consisting entirely of current liabilities. Notably, the company carries no bank loans or long-term debt.

Broader Economic Implications

Humo’s financial performance reflects the dynamic evolution of Uzbekistan's digital payment infrastructure and highlights the significant influence of fiscal policy on corporate profitability in the fintech sector. The removal of preferential tax treatment for payment system operators introduces a new fiscal landscape that may impact long-term investment and growth strategies. However, Humo’s ability to sustain high profitability ratios and expand its asset base suggests resilience and operational efficiency.

The acquisition of Humo by Paynet at the start of 2025 for $65 million aligns with broader consolidation trends in the regional fintech ecosystem. Paynet itself reported a net profit of 615.5 billion soms in the first half of 2026, with dividends from Humo contributing to over half of this figure. These developments indicate growing market maturity and integration within Uzbekistan’s payment services market.

For policymakers and economic strategists, the case of Humo underscores the balancing act between fostering innovation through incentives and ensuring fiscal sustainability. The fintech sector’s robust profitability and growth trajectory also play a critical role in shaping the country’s financial inclusion agenda and digital economy ambitions.