Uzum Holding AG Reports 50% Net Profit Growth Driven by Digital Services Expansion in Uzbekistan

Uzum Holding AG FY2024 Financial Highlights

Uzum Holding AG, known simply as Uzum, is a pioneering economic system for digital services in Uzbekistan. Recently, the company announced its preliminary financial results for the fiscal year ending December 31, 2024. The results reflect a remarkable year for Uzum, characterized by rapid growth across various segments of its business operations.

Significant Gains in Profit and User Base

In 2024, Uzum recorded a net profit of $150 million, marking a 50% increase from the previous year. This impressive profit surge can be attributed to the deep integration of its e-commerce and fintech services, enhancing user engagement across platforms. As a result, the number of monthly active users (MAUs) grew significantly by 61%, reaching nearly 16 million, which accounts for over 40% of the entire population of Uzbekistan.

Strong Retail Performance

The consolidated gross merchandise value (GMV) for the year totaled $345 million, showing a 2.4% growth compared to 2023. This growth was driven by ongoing investments in logistics infrastructure and sales-oriented solutions. Notably, Uzum Market successfully introduced the FBS (Fulfilled by Seller) model, alongside the opening of the largest warehouse facility in Central Asia, allowing for broader market operations. Additionally, Uzum Tezkor, the company’s express delivery service, expanded its network to over 2,400 partner restaurants by year-end, doubling its collaborations from the previous year.

Expanding FinTech Operations

The FinTech segment of Uzum emerged as a crucial driver of overall business growth. As of December 31, 2024, the company had issued more than 700,000 Visa debit cards featuring a revolving credit limit branded under Uzum Bank. The rapid rollout of this product emphasized Uzum's commitment to enhancing financial accessibility. The company's lending vertical recorded a staggering $421 million in total financing value for its BNPL (Buy Now, Pay Later) service, significantly increasing its gross loan portfolio which reached $226 million.

Vision for Future Growth

Djasur Djumaev, the founder and CEO of Uzum, expressed optimism about the company’s trajectory in the short term. "2024 was a year of profound growth for Uzum. Our stature as a national market leader in the trade and fintech sectors has been solidified. Our operational excellence and well-invested infrastructure have yielded significant performance improvements. With the customer base skyrocketing over 60% since 2023 and our GMV doubling, we are poised for continued success."

He further elaborated on the strategy for the future, noting the goal of issuing up to five million additional debit cards to broaden the reach of Uzum Bank and improve access to modern financial services for millions of people in Uzbekistan. The aim is not only to expand the company's e-commerce services but also to create deeper integration across its digital ecosystem, thus ensuring the digital transformation of the country continues.

Conclusion

Uzum Holding AG stands at the forefront of Uzbekistan's digital services landscape, with a wide array of offerings encompassing e-commerce, express delivery, digital banking, and fintech solutions. It continues to transform lives by providing accessible financial services and is committed to its mission of enhancing the quality of life for its customers. With over 16 million users leveraging its services monthly, Uzum is undeniably a key player in shaping the future of Uzbekistan’s economy. For more information, visit uzum.com.