Humo Payment System Reports 3.3-Fold Increase in Net Profit to UZS 411 Billion for H1 2026

Humo, the payment system operated by National Interbank Processing Center JSC, posted a remarkable financial performance for the first half of 2026, reporting a net profit of UZS 410.9 billion. This figure represents a 3.3-fold increase compared to UZS 124.3 billion in the same period of 2025.

The company's revenue surged nearly threefold, rising from UZS 224.9 billion in H1 2025 to UZS 663.7 billion in H1 2026 — an increase of UZS 438.7 billion year-on-year. Meanwhile, the cost of services increased at a much slower pace, by 58.7%, reaching UZS 102.7 billion.

This disparity in revenue and cost growth drove a substantial rise in gross profit, which went up from UZS 160.2 billion to UZS 561 billion, marking a 3.5 times increase. Operating expenses, however, grew significantly as well — from UZS 32 billion to UZS 125 billion, nearly quadrupling during the same period.

Specifically, administrative expenses rose 4.1 times to UZS 76.3 billion, and selling expenses soared from UZS 900 million to UZS 23.4 billion. Despite these increased costs, Humo's profit from core operations climbed from UZS 130.3 billion to UZS 436.3 billion.

Before tax profit reached UZS 448.7 billion, with net profit finalized at UZS 410.9 billion. The company's net profit margin improved from 55.2% in H1 2025 to 61.9% in H1 2026, indicating that Humo retains approximately 62% of every 100 UZS earned as profit.

Impact of Tax Policy Changes on Quarterly Profitability

While the annual net profit increased substantially, Humo’s performance between the first and second quarters of 2026 was largely stable. The company earned UZS 206 billion in net profit in Q1 and approximately UZS 204.9 billion in Q2.

"Despite a 3.3-fold increase in net profit year-on-year, quarterly profits remained almost flat due to the removal of tax benefits starting April 1, 2026."

This plateau is attributed to the revocation of tax privileges previously granted to Humo as an IT Park resident. Since April 1, 2026, payment systems and operators have been excluded from the IT Park residency, resulting in increased tax expenses. As a result, Humo’s half-yearly income tax expense reached UZS 37.8 billion, most of which was recorded in the second quarter, compared to only UZS 11.2 million in Q1.

As of July 1, 2026, Humo’s total assets grew 21.1% year-to-date to UZS 865.1 billion, while shareholders’ equity increased by 14.4% to UZS 715.4 billion. The company’s liabilities rose 68.7%, from UZS 88.7 billion to UZS 149.7 billion, composed entirely of current liabilities. Notably, Humo holds no bank loans or long-term debt.

Humo was acquired by Paynet at the beginning of 2025 for USD 65 million. Paynet itself reported a net profit of UZS 615.5 billion for the first half of 2026, with more than half generated through dividends from Humo. Over 2025, Humo earned a net profit exceeding UZS 312 billion, and in the first half of 2026, the company’s profitability has already surpassed last year’s full-year results by approximately 1.3 times.