Humo Payment System Profit Surges Over Threefold, Reaching 411 Billion UZS in Six Months

The Humo payment system, managed by the National Interbank Processing Center, reported a substantial increase in net profits for the first half of 2026, reaching 410.9 billion Uzbek soms. This marks a remarkable 3.3-fold rise compared to the same period last year, when net profit stood at 124.3 billion soms.

Revenue and Profitability Growth Amid Rising Costs

During January to June 2026, Humo's revenue nearly tripled from 224.9 billion soms to 663.7 billion soms, with an increase of 438.7 billion soms year-on-year. The cost of services grew more moderately by 58.7% to 102.7 billion soms, resulting in a gross profit surge from 160.2 billion soms to 561 billion soms — a 3.5-fold increase.

Despite this growth, operating expenses also rose sharply, from 32 billion soms to 125 billion soms, a near 4-fold increase. Administrative expenses increased 4.1 times to 76.3 billion soms, while sales expenses grew dramatically from 900 million soms to 23.4 billion soms.

"For every 100 soms of revenue, the company retained nearly 62 soms as profit," illustrating Humo's impressive profitability.

Operating profit jumped from 130.3 billion soms to 436.3 billion soms. Pre-tax profit totaled 448.7 billion soms, with net profit after taxes reaching 410.9 billion soms. The company’s net profit margin improved from 55.2% to 61.9%, indicating strong financial efficiency.

Impact on Household Budgets and Everyday Investors

Humo’s financial success reflects broader trends affecting household budgets and consumer finance in Uzbekistan. The company’s growing profitability suggests more robust payment infrastructure and service expansion, which could facilitate smoother daily transactions and greater convenience for consumers. However, rising operational and tax expenses may translate into higher service fees, potentially impacting household spending patterns.

Furthermore, the removal of Humo's tax privileges as an IT Park resident on April 1, 2026, led to a significant tax expense of 37.8 billion soms within the half-year period. This change affected second-quarter profits, which remained nearly flat at 204.9 billion soms compared to 206 billion soms in the first quarter.

For everyday investors, Humo’s strong performance signals a potentially attractive investment profile within the digital payments sector, especially following its acquisition by Paynet for $65 million in early 2025. Paynet itself reported net profits of 615.5 billion soms in the first half of 2026, with dividends from Humo contributing to this figure.

Balance Sheet Highlights

As of July 1, 2026, Humo's total assets increased by 21.1% since the beginning of the year, reaching 865.1 billion soms. Equity rose 14.4% to 715.4 billion soms. Meanwhile, liabilities grew by 68.7%, from 88.7 billion soms to 149.7 billion soms, all of which are current liabilities. Notably, the company has no bank loans or long-term debts, indicating a stable financial position.

Overall, Humo’s rapid profit growth and strong balance sheet underscore the evolving landscape of Uzbekistan’s payment systems, with implications for consumer spending, savings, and investor confidence in the fintech sector.