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

Humo, the payment system managed by the National Interbank Processing Center, announced a remarkable 3.3-fold increase in net profit for the first half of 2026, reaching 410.9 billion Uzbekistani soms. This marks a significant rise from the 124.3 billion soms recorded in the same period last year.

Robust Revenue and Profit Growth Despite Tax Changes

During January to June 2026, Humo's revenue nearly tripled, climbing from 224.9 billion soms to 663.7 billion soms, an increase of 438.7 billion soms year-on-year. The cost of services rose more modestly by 58.7% to 102.7 billion soms, enabling gross profit to increase more than threefold from 160.2 billion soms to 561 billion soms.

Operating expenses also increased significantly, from 32 billion soms to 125 billion soms, a 3.9-fold rise, driven by administrative expenses expanding 4.1 times to 76.3 billion soms and selling expenses surging to 23.4 billion soms from just 0.9 billion soms. Nevertheless, the profit from core operations grew from 130.3 billion soms to 436.3 billion soms. Pre-tax profit stood at 448.7 billion soms, with net profit at 410.9 billion soms.

The company’s net profit margin improved to 61.9%, up from 55.2% a year earlier, indicating that Humo retained nearly 62% of every 100 soms of revenue as profit.

"Humo’s operational efficiency and revenue growth demonstrate the resilience of the payment processing sector amid changing regulatory environments," said an equity analyst following the company.

However, the second quarter’s net profit showed minimal growth, with 204.9 billion soms compared to 206 billion soms in the first quarter, likely impacted by the withdrawal of tax incentives. From April 1, 2026, Humo ceased to benefit from IT Park resident tax privileges, which it had enjoyed since April 30, 2025. This change resulted in a significant increase in tax expenses to 37.8 billion soms in the half-year period, most of which occurred in the second quarter, compared to just 11.2 million soms in the first quarter.

As of July 1, 2026, Humo’s total assets grew by 21.1% from the beginning of the year, reaching 865.1 billion soms. Shareholder equity increased by 14.4% to 715.4 billion soms. The company’s liabilities rose by 68.7%, from 88.7 billion soms to 149.7 billion soms, all of which were current liabilities. Importantly, Humo has no bank loans or long-term debt.

Market Implications and Sector Outlook

Humo was acquired by Paynet at the start of 2025 for $65 million. Paynet itself posted a net profit of 615.5 billion soms in the first half of 2026, with more than half of that income derived from dividends paid by Humo.

Humo’s strong half-year performance, outpacing its full-year 2025 net profit of 312 billion soms by approximately 30%, positions it as a key player in Uzbekistan’s growing digital payments sector. The consolidation of payment systems through acquisitions like Paynet’s reflect ongoing sector rotation within fintech, as companies focus on scaling efficient payment processing and capitalizing on expanding digital transactions.

For investors and analysts on Wall Street and beyond, Humo’s results highlight the resilience of payment system operators despite regulatory challenges and changing taxation. Increased trading volumes in related fintech and payment processing stocks may be prompted by this sector’s robust profitability and strong margins.

Equity research departments are likely to monitor how the withdrawal of tax incentives affects future profitability and cash flows, especially as administrative costs continue to rise. The company’s clean balance sheet with no long-term debt further enhances its appeal for risk-sensitive investors.