Uzum Holding Reports Impressive Growth with 50% Rise in Net Income for FY2024

Uzum Holding's FY2024 Financial Results

Uzum Holding Ltd, commonly referred to as Uzum, has reported its unaudited financial results for the fiscal year ending December 31, 2024. As Uzbekistan's leading digital services ecosystem, Uzum demonstrated remarkable performance during the fiscal year, highlighting the effectiveness of its expansion strategy across its ecosystem.

In 2024, Uzum witnessed a growth in net income of 50%, soaring to $150 million. This significant increase can be attributed to the company's interconnected e-commerce and fintech services, which are now integral to daily life in Uzbekistan. The Monthly Active Users (MAU) also saw a substantial rise of 61% year-over-year, reaching almost 16 million, which constitutes about 40% of the entire population of Uzbekistan.

Commerce Highlights

The consolidated Gross Merchandise Value (GMV) achieved by Uzum for FY2024 amounted to $345 million, which represents an impressive growth of 2.4 times compared to the previous year. To fuel this growth, Uzum Market invested heavily in its logistics infrastructure and in solutions aimed at sellers. A pivotal development was the successful launch of the Fulfilled by Seller (FBS) model as well as the establishment of the largest warehousing facility in Central Asia during the third quarter, expanding the marketplace's reach and operational capabilities further.

Another noteworthy achievement is Uzum Tezkor, the express delivery service. By the end of the year, the service partnered with over 2,400 restaurants, doubling its capacity within a year. The geographic reach of Uzum Tezkor now spans 18 cities, showing the increasing reliance of Uzbek residents on its quick delivery service, marked by convenience and high quality.

FinTech Acceleration

In addition to the successes in commerce, the fintech segment of Uzum emerged as a significant growth engine for the entire ecosystem. By December 31, 2024, Uzum had issued over 700,000 Uzum Bank-branded Visa debit cards featuring a revolving credit limit, following the successful rollout in late September 2024. The introduction of these debit cards is anticipated to be a vital contributor to the fintech sector's continued expansion in Uzbekistan.

Moreover, the Buy Now Pay Later (BNPL) service recorded a Total Financing Volume (TFV) of $421 million, a staggering increase of 2.7 times year-on-year. The gross loan portfolio for FY2024 also saw significant growth, more than doubling to reach $226 million.

Leadership Insight

Djasur Djumaev, the CEO and Founder of Uzum, emphasized the importance of 2024 as a year of substantial growth for Uzum. He stated, "We solidified our standing as the clear national leader in our core sectors — Commerce and FinTech. Supported by operational excellence and robust infrastructure investments, our performance was exceptional. Our customer base grew over 60% from 2023 to almost 16 million, equating to 40% of the national population.

"Our Commerce GMV more than doubled to $345 million through continual investment in tech and infrastructure. In FinTech, we noted a pronounced increase in unsecured lending up to $421 million. Our focus will remain on digitalizing Uzbekistan's financial sector, making online services easily accessible for all.

Looking forward, one of our key objectives for 2025 is to continue expanding the Uzum Bank card initiative, aiming for the issuance of an additional five million cards. With the robust capabilities we've established, I am confident we will meet this ambitious goal, thereby enhancing access to modern financial services for millions across Uzbekistan. We also intend to drive growth in our e-commerce operations and foster deeper integration among our varied services, ultimately enhancing people's lives and contributing to the digital transformation of the country.

About Uzum Holding

Uzum is the largest digital ecosystem in Uzbekistan, offering a range of services from e-commerce and express delivery to fintech and business development. This vast ecosystem includes Uzum Market, providing online shopping with fast delivery all over the country; Uzum Tezkor, an express delivery service; Uzum Bank, a digital banking solution; Kapitalbank, Uzbekistan's largest privately owned bank; Uzum Nasiya, an online unsecured lending service; and Uzum Business, a dedicated app for business clients. With over 16 million users, Uzum is at the pivotal center of Uzbekistan's digital economy.

For more information about Uzum and its services, visit uzum.com.