#Digital Services #Uzbekistan #Tashkent #Uzum Holding

Uzum Holding Ltd: FY2024 Financial Results

Uzum Holding Ltd, a leader in Uzbekistan's digital service ecosystem, has recently announced its unaudited financial results for the fiscal year ending December 31, 2024. The results reveal a robust growth trajectory, underscoring the expanding influence of digital services in the region.

Significant Financial Growth

In 2024, Uzum experienced a remarkable 50% increase in net profit, totaling $150 million. This growth is attributed to the extensive expansion of its digital ecosystem. Notably, the number of active monthly users surged to nearly 16 million, equaling about 40% of Uzbekistan's population.

The ecosystem witnessed a notable convergence of e-commerce and financial technology services, contributing to their deeper integration within daily life in Uzbekistan. The gross merchandise value for the fiscal year escalated to $345 million, marking a significant 2.4x year-on-year increase.

E-commerce and Logistics Expansion

Uzum Market, the marketplace segment of Uzum, has laid the groundwork for this growth by enhancing its logistical framework. With the successful rollout of the FBS (Fulfilled by Seller) model and the establishment of the largest warehouse in Central Asia during Q3 2024, Uzum Market is poised for sustained expansion. Furthermore, the Uzum Tezkor delivery service doubled its partnerships with local restaurants, reaching over 2,400 restaurants by year's end and solidifying its presence across 18 cities in Uzbekistan.

Financial Technology Prosperity

Uzum's financial technology segment evolved into a critical growth driver for the ecosystem, with more than 700,000 Uzum Bank branded debit cards issued, featuring a renewable credit limit. The Buy Now, Pay Later (BNPL) model achieved remarkable success, posting disbursements worth $421 million, up 2.7 times from the previous year. Additionally, the gross loan portfolio experienced a robust growth, more than doubling from 2023 to reach $226 million.

Djasur Djumaev, CEO and founder of Uzum, commented on the year’s achievements, stating that Uzum fortified its leadership position across commerce and fintech sectors:

“2024 has been another year of significant growth for Uzum. We have strengthened our unquestionable national leadership in our key sectors — commerce and financial technology.”

Future Directions

Looking ahead to 2025, Uzum's ambitious goals include the deployment of additional Uzum Bank cards, aiming for the issuance of up to 5 million additional cards. The company is fully committed to enhancing access to modern financial services for various demographics across Uzbekistan.

Furthermore, Uzum plans to expand its e-commerce sector and deepen service integration within its ecosystem. Djumaev noted the company's vision to continue significantly contributing to the betterment of everyday life and digital transformations throughout the country.

Conclusion

Uzum Holding Ltd is on a steadfast path of growth, leveraging its expansive digital ecosystem to not only enhance its market position but also to elevate the standards of financial services available to the populace in Uzbekistan. As the digital landscape continues to evolve, Uzum remains at the forefront of change, paving the way for increased accessibility, innovation, and convenience.

For more detailed information about Uzum's operations and services, visit uzum.com.