{"id":12053,"date":"2025-10-31T16:26:39","date_gmt":"2025-10-31T11:26:39","guid":{"rendered":"https:\/\/frank.uz\/bez-kategorii\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/"},"modified":"2025-10-31T16:26:39","modified_gmt":"2025-10-31T11:26:39","slug":"uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months","status":"publish","type":"post","link":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/","title":{"rendered":"UZCARD increased its profit by 41% to 930 billion soums in 9 months"},"content":{"rendered":"<p><strong>Why is this important<\/strong><\/p>\n<p>UZCARD is the dominant payment system in Uzbekistan (70% of the market versus 30% at HUMO). Profit growth of 41% was ensured by the expansion of cashless payments, online purchases, and the number of cards. The state sold 75% of the shares for $25.2 million in 2022 \u2014 today the company is worth at least $75-100 million, making the deal extremely profitable for new owners. Income growth (+69%) above profit (+41%) indicates investment in development.   <\/p>\n<p><strong>What happened<\/strong><\/p>\n<ul>\n<li>Net profit for 9 months &#8211; 930 billion soums (+40.8%);<\/li>\n<li>Revenue &#8211; 1.5 trillion (+69.2%);<\/li>\n<li>Operating profit &#8211; 1 trillion (+59.1%);<\/li>\n<li>In 2022, 75% of the shares were sold for 210.1 billion soums ($25.2 million), the company&#8217;s valuation was 280 billion soums.<\/li>\n<\/ul>\n<p>With 9 months&#8217; profit of 930 billion (annual projected to be around 1.2 trillion) and a standard P\/E multiplier of 10-15 for payment systems, UZCARD&#8217;s capitalization is estimated at 12-18 trillion soums ($1-1.5 billion). This is 40-60 times higher than the 2022 estimate. <\/p>\n<p><strong>Growth drivers<\/strong><\/p>\n<p><strong>Increase in revenue (+69.2%):<\/strong><\/p>\n<ul>\n<li>Increasing the number of non-cash transactions (online purchases, transfers, service payments);<\/li>\n<li>Increase in the number of UZCARD cards (salary, pension, student);<\/li>\n<li>Commission from acquiring (shops, online stores);<\/li>\n<li>Partnerships with banks and fintechs.<\/li>\n<\/ul>\n<p><strong>Operating profit growth<\/strong> (+59.1%): lower than revenue growth (+69.2%), indicating an increase in operating expenses: investments in IT infrastructure, marketing, expansion of the terminal network.<\/p>\n<p><strong>Net profit growth<\/strong> (+40.8%): lower than operating profit (+59.1%) due to interest expenses, taxes, and depreciation.<\/p>\n<p><strong>Competition<\/strong><\/p>\n<ul>\n<li><strong>UZCARD:<\/strong> 930 billion in profit for 9 months, dominates with 70% of the market;<\/li>\n<li><strong>HUMO: <\/strong>224 billion in profit for 9 months, 30% of the market.<\/li>\n<\/ul>\n<p>UZCARD surpasses HUMO in profit by 4.2 times due to its dominance: most salaries, pension cards, and government payments go through UZCARD.<\/p>\n<p><strong>Context<\/strong><\/p>\n<p><strong>UZCARD<\/strong> is the national payment system of Uzbekistan, created in 2001 as an alternative to Visa\/Mastercard. Processes UZCARD card transactions and provides processing to banks. <\/p>\n<p>Cashless payments in Uzbekistan are growing by 50-70% annually due to:<\/p>\n<ul>\n<li>Distribution of online purchases (e-commerce);<\/li>\n<li>Increase in the number of bank cards;<\/li>\n<li>State policy on cash flow reduction;<\/li>\n<li>Development of fintechs (Paynet, Click, Payme).<\/li>\n<\/ul>\n<p>UZCARD may conduct an IPO in the future or attract a strategic investor for scaling. With a capitalization of $1-1.5 billion, the company is attractive to international payment systems or funds. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revenue jumped by 69.2% to 1.5 trillion, and operating profit by 59.1% to 1 trillion.<\/p>\n","protected":false},"author":4,"featured_media":12054,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_sharing_image":{"poster":"https:\/\/frank.uz\/wp-content\/uploads\/2025\/10\/6904fd795dcd0.jpg","width":1200,"height":630,"template":"2bf59057","mode":"auto"},"_sharing_image_fieldset":{"Dv78f24rp1hU":12054,"YlB8HH34jIzY":"UZCARD increased its profit by 41% to 930 billion soums in 9 months"},"pin_until":"","footnotes":""},"categories":[2061],"tags":[2079,3459,3477,3490],"class_list":["post-12053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-finance","tag-financial-results","tag-payment-systems","tag-uzcard-en"],"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>UZCARD increased its profit by 41% to 930 billion soums in 9 months &#8212; Frank.uz<\/title>\n<meta name=\"description\" content=\"Revenue jumped by 69.2% to 1.5 trillion, and operating profit by 59.1% to 1 trillion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UZCARD increased its profit by 41% to 930 billion soums in 9 months\" \/>\n<meta property=\"og:description\" content=\"Revenue jumped by 69.2% to 1.5 trillion, and operating profit by 59.1% to 1 trillion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/\" \/>\n<meta property=\"og:site_name\" content=\"Frank.uz\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/FrankUzbekistan\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-31T11:26:39+00:00\" \/>\n<meta name=\"author\" content=\"Azamat\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@frank_uzb\" \/>\n<meta name=\"twitter:site\" content=\"@frank_uzb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Azamat\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/\",\"url\":\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/\",\"name\":\"UZCARD increased its profit by 41% to 930 billion soums in 9 months &#8212; Frank.uz\",\"isPartOf\":{\"@id\":\"https:\/\/frank.uz\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/frank.uz\/wp-content\/uploads\/2025\/08\/uzcard-1024x768-1.webp\",\"datePublished\":\"2025-10-31T11:26:39+00:00\",\"author\":{\"@id\":\"https:\/\/frank.uz\/en\/#\/schema\/person\/ef76c06f7f97345c76ba878b2a9bee67\"},\"description\":\"Revenue jumped by 69.2% to 1.5 trillion, and operating profit by 59.1% to 1 trillion.\",\"breadcrumb\":{\"@id\":\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#primaryimage\",\"url\":\"https:\/\/frank.uz\/wp-content\/uploads\/2025\/08\/uzcard-1024x768-1.webp\",\"contentUrl\":\"https:\/\/frank.uz\/wp-content\/uploads\/2025\/08\/uzcard-1024x768-1.webp\",\"width\":1024,\"height\":768},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/frank.uz\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UZCARD increased its profit by 41% to 930 billion soums in 9 months\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/frank.uz\/en\/#website\",\"url\":\"https:\/\/frank.uz\/en\/\",\"name\":\"Frank.uz\",\"description\":\"\u0414\u0435\u043d\u044c\u0433\u0438. \u0411\u0438\u0437\u043d\u0435\u0441. \u0412\u043b\u0430\u0441\u0442\u044c.\",\"alternateName\":\"\u0414\u0435\u043b\u043e\u0432\u044b\u0435 \u043d\u043e\u0432\u043e\u0441\u0442\u0438 \u0423\u0437\u0431\u0435\u043a\u0438\u0441\u0442\u0430\u043d\u0430\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/frank.uz\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/frank.uz\/en\/#\/schema\/person\/ef76c06f7f97345c76ba878b2a9bee67\",\"name\":\"Azamat\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/frank.uz\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d243bbe6aa31efeab6988fe2306a2e5b6dcf75c26624d1771654002e7e919c16?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d243bbe6aa31efeab6988fe2306a2e5b6dcf75c26624d1771654002e7e919c16?s=96&d=mm&r=g\",\"caption\":\"Azamat\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"UZCARD increased its profit by 41% to 930 billion soums in 9 months &#8212; Frank.uz","description":"Revenue jumped by 69.2% to 1.5 trillion, and operating profit by 59.1% to 1 trillion.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/","og_locale":"en_US","og_type":"article","og_title":"UZCARD increased its profit by 41% to 930 billion soums in 9 months","og_description":"Revenue jumped by 69.2% to 1.5 trillion, and operating profit by 59.1% to 1 trillion.","og_url":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/","og_site_name":"Frank.uz","article_publisher":"https:\/\/www.facebook.com\/FrankUzbekistan","article_published_time":"2025-10-31T11:26:39+00:00","author":"Azamat","twitter_card":"summary_large_image","twitter_creator":"@frank_uzb","twitter_site":"@frank_uzb","twitter_misc":{"Written by":"Azamat","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/","url":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/","name":"UZCARD increased its profit by 41% to 930 billion soums in 9 months &#8212; Frank.uz","isPartOf":{"@id":"https:\/\/frank.uz\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#primaryimage"},"image":{"@id":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#primaryimage"},"thumbnailUrl":"https:\/\/frank.uz\/wp-content\/uploads\/2025\/08\/uzcard-1024x768-1.webp","datePublished":"2025-10-31T11:26:39+00:00","author":{"@id":"https:\/\/frank.uz\/en\/#\/schema\/person\/ef76c06f7f97345c76ba878b2a9bee67"},"description":"Revenue jumped by 69.2% to 1.5 trillion, and operating profit by 59.1% to 1 trillion.","breadcrumb":{"@id":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#primaryimage","url":"https:\/\/frank.uz\/wp-content\/uploads\/2025\/08\/uzcard-1024x768-1.webp","contentUrl":"https:\/\/frank.uz\/wp-content\/uploads\/2025\/08\/uzcard-1024x768-1.webp","width":1024,"height":768},{"@type":"BreadcrumbList","@id":"https:\/\/frank.uz\/en\/news-en\/uzcard-increased-its-profit-by-41-to-930-billion-soums-in-9-months\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/frank.uz\/en\/"},{"@type":"ListItem","position":2,"name":"UZCARD increased its profit by 41% to 930 billion soums in 9 months"}]},{"@type":"WebSite","@id":"https:\/\/frank.uz\/en\/#website","url":"https:\/\/frank.uz\/en\/","name":"Frank.uz","description":"\u0414\u0435\u043d\u044c\u0433\u0438. \u0411\u0438\u0437\u043d\u0435\u0441. \u0412\u043b\u0430\u0441\u0442\u044c.","alternateName":"\u0414\u0435\u043b\u043e\u0432\u044b\u0435 \u043d\u043e\u0432\u043e\u0441\u0442\u0438 \u0423\u0437\u0431\u0435\u043a\u0438\u0441\u0442\u0430\u043d\u0430","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/frank.uz\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/frank.uz\/en\/#\/schema\/person\/ef76c06f7f97345c76ba878b2a9bee67","name":"Azamat","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/frank.uz\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d243bbe6aa31efeab6988fe2306a2e5b6dcf75c26624d1771654002e7e919c16?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d243bbe6aa31efeab6988fe2306a2e5b6dcf75c26624d1771654002e7e919c16?s=96&d=mm&r=g","caption":"Azamat"}}]}},"_links":{"self":[{"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/posts\/12053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/comments?post=12053"}],"version-history":[{"count":0,"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/posts\/12053\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/media\/12054"}],"wp:attachment":[{"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/media?parent=12053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/categories?post=12053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/frank.uz\/en\/wp-json\/wp\/v2\/tags?post=12053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}