Humo Payment System Reports 3.3-Fold Profit Increase to 411 Billion UZS Amidst Tax Changes
The Uzbek payment system’s significant profit growth highlights implications for UK and EU investors and London market dynamics.
Humo, the Uzbek payment system managed by the National Interbank Processing Center, has reported a remarkable increase in net profit for the first half of 2026. The company posted a net profit of 410.9 billion Uzbek soms (UZS), a 3.3 times rise compared to 124.3 billion UZS in the same period last year.
This surge in profitability coincides with a substantial revenue increase, which nearly tripled from 224.9 billion UZS to 663.7 billion UZS year-on-year. The cost of services, however, grew at a slower pace, increasing by 58.7% to 102.7 billion UZS. As a result, gross profit expanded more than threefold, from 160.2 billion UZS to 561 billion UZS.
Impact of Tax Changes and Operational Growth
Despite the impressive yearly growth, Humo’s profit remained relatively flat between the first and second quarters of 2026 — 206 billion UZS and 204.9 billion UZS respectively. This stagnation is attributed to the removal of tax privileges effective from April 1, 2026. Previously, as an IT Park resident, Humo benefited from tax exemptions since April 2025, but payment organizations and payment system operators were excluded from this status in 2026.
“The abolition of IT Park tax privileges resulted in a significant increase in tax expense, with second-quarter tax costs comprising the majority of the 37.8 billion UZS paid during the half-year.”
Consequently, the company’s pre-tax profit stood at 448.7 billion UZS, while net profit reached 410.9 billion UZS, illustrating a net profit margin increase from 55.2% to 61.9%. This means that Humo retains nearly 62% of its revenue as profit.
By July 1, 2026, Humo’s total assets grew by 21.1% year-to-date, reaching 865.1 billion UZS, while equity increased by 14.4% to 715.4 billion UZS. Liabilities, primarily current liabilities, rose by 68.7% to 149.7 billion UZS. Notably, Humo carries no bank loans or long-term debt, indicating financial stability.
Ownership and market context also hold significance for UK and European stakeholders. Humo was acquired by Paynet, a payment company, for $65 million at the beginning of 2025. Paynet itself reported a net profit of 615.5 billion UZS for the first half of 2026, with over half this profit generated from dividends paid by Humo.
This financial performance is of particular interest to British and European investors monitoring emerging markets and fintech developments. The strong profitability of Humo and its parent company Paynet underscores the potential in Central Asia’s payment processing sector. Moreover, currency fluctuations impacting the Uzbek som (UZS) and foreign exchange exposure could influence sterling-denominated returns and European portfolios.
London’s financial markets, which have increasingly embraced fintech innovation and emerging market assets, may view Humo’s robust profit growth and asset base as a positive indicator of stability and expansion potential. However, tax policy changes in Uzbekistan are a reminder of regulatory risks that can affect investment returns.
In summary, Humo’s substantial profit growth, despite recent tax burdens, highlights both opportunities and challenges for UK and EU investors looking to diversify into Central Asian financial technology enterprises. This case also exemplifies how regional tax reforms and corporate governance impact multinational investment decisions.
