Humo Payment System Posts 3.3x Profit Growth to UZS 411 Billion Amid Tax Changes

The Humo payment system operator, National Interbank Processing Center (Milliy banklararo protsessing markazi) JSC, reported a remarkable 3.3-fold increase in net profit to UZS 410.9 billion in the first half of 2026 compared to UZS 124.3 billion in the same period last year. This strong profitability performance reflects significant revenue expansion and operational efficiency amid evolving tax legislation.

Robust Revenue Growth and Operational Efficiency Drive Profitability

During January to June 2026, Humo’s total revenue nearly tripled, climbing from UZS 224.9 billion to UZS 663.7 billion — an increase of UZS 438.7 billion year-over-year. While cost of services grew by a slower pace of 58.7% to UZS 102.7 billion, the gross profit surged 3.5 times from UZS 160.2 billion to UZS 561 billion.

Despite a 3.9-fold rise in operating expenses to UZS 125 billion, driven by a 4.1-fold increase in administrative costs (to UZS 76.3 billion) and a jump in sales expenses from UZS 0.9 billion to UZS 23.4 billion, Humo’s core operating profit expanded substantially from UZS 130.3 billion to UZS 436.3 billion.

As a result, pre-tax profits reached UZS 448.7 billion, with net profit at UZS 410.9 billion. The net profit margin improved significantly from 55.2% to 61.9%, meaning Humo retained almost 62% of every 100 sum earned as profit.

"The company effectively translates revenue growth into profit, maintaining a remarkable 62% net margin despite rising expenses and tax changes."

Tax Policy Shift Moderates Quarterly Growth

While the full half-year results show a 3.3-fold increase in net profit, the second quarter’s net profit of approximately UZS 204.9 billion was slightly below the first quarter’s UZS 206 billion. This flattening in quarterly profitability is attributed to the elimination of tax incentives effective April 1, 2026.

Previously, as an IT Park resident since April 30, 2025, Humo benefited from tax exemptions. However, payment organizations and payment system operators were removed from the IT Park resident status from April 1, 2026, leading to a substantial increase in half-yearly tax expenses, which amounted to UZS 37.8 billion — most of which was incurred in Q2. In contrast, the first quarter’s tax expense was minimal at UZS 11.2 million.

Balance Sheet Strength and Capital Market Implications

As of July 1, 2026, Humo’s total assets increased 21.1% year-to-date to UZS 865.1 billion, supported by a 14.4% growth in equity to UZS 715.4 billion. Meanwhile, liabilities rose by 68.7% to UZS 149.7 billion, comprised entirely of current liabilities. Notably, the company holds no bank loans or long-term debt, underscoring a conservative financing strategy.

Humo’s strong profitability and balance sheet position are particularly relevant for investors assessing Uzbek capital markets, as the payment system’s performance directly influences parent company Paynet, which acquired Humo in early 2025 for USD 65 million. Paynet recorded a net profit of UZS 615.5 billion in H1 2026, with over half derived from dividends paid by Humo.

The rapid growth trajectory—with Humo’s H1 2026 profit surpassing its entire 2025 net profit of UZS 312 billion by approximately 30%—signals robust operational momentum, albeit tempered by the rising tax burden. Market participants should monitor evolving tax policies and expense structures as these will influence future profitability and valuation.

In summary, Humo’s Q2 profit plateau and increased tax expenses highlight the importance of fiscal policy on corporate earnings within Uzbekistan’s payment processing sector. However, the company’s high profit margins and asset growth suggest resilience, making it a noteworthy entity for investors tracking the region’s financial technology and capital markets.