{"id":11998,"date":"2025-10-30T12:33:06","date_gmt":"2025-10-30T07:33:06","guid":{"rendered":"https:\/\/frank.uz\/bez-kategorii\/humo-has-increased-its-profit-by-88-to-224-billion-soums-through-it-parks-tax-incentives\/"},"modified":"2025-10-30T12:33:06","modified_gmt":"2025-10-30T07:33:06","slug":"humo-has-increased-its-profit-by-88-to-224-billion-soums-through-it-parks-tax-incentives","status":"publish","type":"post","link":"https:\/\/frank.uz\/en\/news-en\/humo-has-increased-its-profit-by-88-to-224-billion-soums-through-it-parks-tax-incentives\/","title":{"rendered":"HUMO has increased its profit by 88% to 224 billion soums through IT Park&#8217;s tax incentives"},"content":{"rendered":"<p><strong>Why is this important<\/strong><\/p>\n<p>Income growth of 88%, while income growth of 71.4%, was achieved thanks to IT Park&#8217;s tax incentives: profit tax decreased from 22 billion to 14.4 billion (-35%). HUMO competes with UZCARD (9 months&#8217; profit of 930 billion) and is 4 times behind. The sale of 100% of Paynet&#8217;s shares for $65 million in January makes HUMO a part of Uzbekistan&#8217;s largest fintech player ecosystem.  <\/p>\n<p><strong>What happened<\/strong><\/p>\n<ul>\n<li>Net profit for 9 months \u2014 224 billion soums ($18.5 million), growth by 88%;<\/li>\n<li>Revenues \u2014 380.9 billion (+71.4%);<\/li>\n<li>Expenses \u2014 61.4 billion (+138%);<\/li>\n<li>Assets increased from 434.8 billion to 676 billion;<\/li>\n<li>Income tax decreased by 7.6 billion to 14.4 billion;<\/li>\n<li>HUMO became a resident of IT Park on April 30;<\/li>\n<li>100% of the shares were sold to Paynet for $65 million in January.<\/li>\n<\/ul>\n<p><strong>Financial indicators<\/strong><\/p>\n<p><span style=\"text-decoration: underline;\">Profit and income:<\/span><\/p>\n<ul>\n<li><strong>Net profit:<\/strong> 224 billion (+88%);<\/li>\n<li><strong>Revenues:<\/strong> 380.9 billion (+71.4%);<\/li>\n<li><strong>Expenses:<\/strong> 61.4 billion (+138%).<\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\">Assets and capital:<\/span><\/p>\n<ul>\n<li><strong>Assets:<\/strong> 676 billion (was 434.8 billion, growth by 55%);<\/li>\n<li><strong>Authorized capital:<\/strong> 155.4 billion (unchanged).<\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\">Taxes:<\/span><\/p>\n<ul>\n<li><strong>Income tax: <\/strong>14.4 billion (was 22 billion, decreased by 35%).<\/li>\n<\/ul>\n<p><strong>IT Park&#8217;s Tax Benefits<\/strong><\/p>\n<p>HUMO became an IT Park resident on April 30, 2025, which provided tax benefits:<\/p>\n<ul>\n<li><strong>Income tax: <\/strong>0% until 2028, then 7.5% (instead of the standard 15%);<\/li>\n<li><strong>VAT:<\/strong> exemption from the export of services;<\/li>\n<li><strong>Social tax: <\/strong>6% (instead of 12%).<\/li>\n<\/ul>\n<p>Thanks to the benefits, income tax was reduced from 22 billion to 14.4 billion (-35%), which increased net profit.<\/p>\n<p><strong>Comparison with UZCARD<\/strong><\/p>\n<p>UZCARD reported 930 billion soums in profit for 9 months. For comparison: <\/p>\n<ul>\n<li><strong>UZCARD:<\/strong> 930 billion in profit;<\/li>\n<li><strong>HUMO<\/strong>: 224 billion in profit.<\/li>\n<\/ul>\n<p>UZCARD is 4.2 times ahead of HUMO in terms of profit. This is due to UZCARD&#8217;s dominance in the payment card market (about 70% of the market versus 30% at HUMO). <\/p>\n<p><strong>Paynet Sale<\/strong><\/p>\n<p>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. <\/p>\n<p><strong>Synergy<\/strong><\/p>\n<p>Paynet (the largest fintech with 10+ million users) and HUMO (payment system) can create an integrated ecosystem: Paynet will provide a client base, HUMO \u2014 payment processing infrastructure.<\/p>\n<p><strong>Analysis<\/strong><\/p>\n<p><span style=\"text-decoration: underline;\">Profit growth:<\/span> 88% growth was achieved not so much due to operational efficiency as due to IT Park&#8217;s tax incentives. Without benefits, the profit would have grown by approximately 50-60%. <\/p>\n<p><span style=\"text-decoration: underline;\">Income growth:<\/span> 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).<\/p>\n<p><span style=\"text-decoration: underline;\">Expenditure growth:<\/span> expenses increased by 138% to 61.4 billion \u2014 a significant increase likely related to investments in IT infrastructure, marketing, and expansion of the terminal network.<\/p>\n<p><span style=\"text-decoration: underline;\">Growth of assets: <\/span>assets increased by 55% to 676 billion, indicating the strengthening of the company&#8217;s financial position.<\/p>\n<p><span style=\"text-decoration: underline;\">Lagging behind UZCARD: <\/span>HUMO lags behind UZCARD in profit by 4 times. This is due to UZCARD&#8217;s dominance in the market: most salary cards, pension cards, and government payments go through UZCARD. HUMO accounts for about 30% of the market.  <\/p>\n<p><strong>Context<\/strong><\/p>\n<p><strong>HUMO<\/strong> 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. <\/p>\n<p><strong>Competition:<\/strong> The main competitor is UZCARD (9 months&#8217; 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.  <\/p>\n<p><strong>IT Park:<\/strong> 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%. <\/p>\n<p><strong>Paynet Sales:<\/strong> The transition from state ownership to private (Paynet) can accelerate HUMO&#8217;s development: private companies are more flexible, implement innovations faster, and manage resources more efficiently.<\/p>\n<p><strong>Prospects:<\/strong> integration with Paynet can strengthen HUMO&#8217;s positions: joint products, cross-marketing, shared customer base. However, UZCARD remains the dominant player. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>HUMO earned $18.5 million in net profit for 9 months. Revenues grew by 71.4% to 380.9 billion, expenditures by 138% to 61.4 billion. Income tax has been reduced by 7.6 billion to 14.4 billion thanks to IT Park&#8217;s resident status since April 30.  <\/p>\n","protected":false},"author":4,"featured_media":11979,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_sharing_image":{"poster":"https:\/\/frank.uz\/wp-content\/uploads\/2025\/10\/69034bb082088.jpg","width":1200,"height":630,"template":"2bf59057","mode":"auto"},"_sharing_image_fieldset":{"Dv78f24rp1hU":11979,"YlB8HH34jIzY":"HUMO has increased its profit by 88% to 224 billion soums through IT Park&#8217;s tax incentives"},"pin_until":"","footnotes":""},"categories":[2061],"tags":[2079,3459,2647,3477],"class_list":["post-11998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-finance","tag-financial-results","tag-humo-en","tag-payment-systems"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HUMO has increased its profit by 88% to 224 billion soums through IT Park&#039;s tax incentives &#8212; Frank.uz<\/title>\n<meta name=\"description\" content=\"HUMO earned $18.5 million in net profit for 9 months. 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