Why is this important
Income growth of 88%, while income growth of 71.4%, was achieved thanks to IT Park’s tax incentives: profit tax decreased from 22 billion to 14.4 billion (-35%). HUMO competes with UZCARD (9 months’ profit of 930 billion) and is 4 times behind. The sale of 100% of Paynet’s shares for $65 million in January makes HUMO a part of Uzbekistan’s largest fintech player ecosystem.
What happened
- Net profit for 9 months — 224 billion soums ($18.5 million), growth by 88%;
- Revenues — 380.9 billion (+71.4%);
- Expenses — 61.4 billion (+138%);
- Assets increased from 434.8 billion to 676 billion;
- Income tax decreased by 7.6 billion to 14.4 billion;
- HUMO became a resident of IT Park on April 30;
- 100% of the shares were sold to Paynet for $65 million in January.
Financial indicators
Profit and income:
- Net profit: 224 billion (+88%);
- Revenues: 380.9 billion (+71.4%);
- Expenses: 61.4 billion (+138%).
Assets and capital:
- Assets: 676 billion (was 434.8 billion, growth by 55%);
- Authorized capital: 155.4 billion (unchanged).
Taxes:
- Income tax: 14.4 billion (was 22 billion, decreased by 35%).
IT Park’s Tax Benefits
HUMO became an IT Park resident on April 30, 2025, which provided tax benefits:
- Income tax: 0% until 2028, then 7.5% (instead of the standard 15%);
- VAT: exemption from the export of services;
- Social tax: 6% (instead of 12%).
Thanks to the benefits, income tax was reduced from 22 billion to 14.4 billion (-35%), which increased net profit.
Comparison with UZCARD
UZCARD reported 930 billion soums in profit for 9 months. For comparison:
- UZCARD: 930 billion in profit;
- HUMO: 224 billion in profit.
UZCARD is 4.2 times ahead of HUMO in terms of profit. This is due to UZCARD’s dominance in the payment card market (about 70% of the market versus 30% at HUMO).
Paynet Sale
In January 2025, 100% of the shares of the National Interbank Processing Center (HUMO) were sold to Paynet for $65 million. Previously, the state owned 100% of the shares, now HUMO is part of the Paynet ecosystem.
Synergy
Paynet (the largest fintech with 10+ million users) and HUMO (payment system) can create an integrated ecosystem: Paynet will provide a client base, HUMO — payment processing infrastructure.
Analysis
Profit growth: 88% growth was achieved not so much due to operational efficiency as due to IT Park’s tax incentives. Without benefits, the profit would have grown by approximately 50-60%.
Income growth: growth of 71.4% to 380.9 billion is associated with an increase in the number of transactions, commissions, and expansion of the ecosystem (transfers, payments, cash withdrawals).
Expenditure growth: expenses increased by 138% to 61.4 billion — a significant increase likely related to investments in IT infrastructure, marketing, and expansion of the terminal network.
Growth of assets: assets increased by 55% to 676 billion, indicating the strengthening of the company’s financial position.
Lagging behind UZCARD: HUMO lags behind UZCARD in profit by 4 times. This is due to UZCARD’s dominance in the market: most salary cards, pension cards, and government payments go through UZCARD. HUMO accounts for about 30% of the market.
Context
HUMO is the national payment system of Uzbekistan, created in 2001 as an alternative to international systems (Visa, Mastercard). The company handles HUMO card transactions and provides processing for banks.
Competition: The main competitor is UZCARD (9 months’ profit of 930 billion USD). Both systems compete for market share, partner banks, and clients. UZCARD leads, but HUMO is increasing its presence thanks to its partnership with Paynet.
IT Park: IT Park resident status offers significant tax benefits, making HUMO more profitable. However, the benefits are temporary (until 2028), after which the profit tax will increase to 7.5%.
Paynet Sales: The transition from state ownership to private (Paynet) can accelerate HUMO’s development: private companies are more flexible, implement innovations faster, and manage resources more efficiently.
Prospects: integration with Paynet can strengthen HUMO’s positions: joint products, cross-marketing, shared customer base. However, UZCARD remains the dominant player.
