Uzum Holding Reports Significant Growth in FY2024 Financial Results

Uzum Holding Ltd, the leading digital services ecosystem in Uzbekistan, has announced its unaudited financial results for the fiscal year ending December 31, 2024. This report highlights substantial growth metrics that showcase the company's sustained momentum in the rapidly evolving digital landscape of the region.

Key Financial Highlights

During FY2024, Uzum Holding achieved a remarkable net income of $150 million, marking a 50% increase compared to the previous year. This impressive performance aligns with prior guidance and reflects the company's focus on enhancing its service offerings across its various platforms. With more than 40% of Uzbekistan's population now utilizing Uzum services, it's evident that the brand has solidified its position as a crucial player in the digital economy of the country.

Growth in Digital Ecosystem

Uzum's integrated e-commerce and fintech services played a pivotal role in this growth, as they are intricately connected within the ecosystem. The monthly active users (MAU) surged by 61% year-on-year to nearly 16 million, demonstrating the rising reliance on digital services in Uzbekistan.

E-Commerce Performance

The gross merchandise value (GMV) for FY2024 reached an impressive $345 million, which translates to an exponential growth rate of 2.4 times year-on-year. The company's e-commerce platform, Uzum Market, has been actively investing in its logistics capabilities and has successfully launched initiatives like the Fulfilled by Seller (FBS) model. Additionally, the establishment of the largest warehousing facility in Central Asia further advances the marketplace's operational footprint.

Furthermore, Uzum Tezkor, the company's express delivery service, saw a significant expansion as it doubled its partner restaurant network to over 2,400 and expanded services to 18 cities. This growth illustrates the increasing dependence on express delivery options among the Uzbek population, highlighting the allure of convenience coupled with quality service.

FinTech Expansion

The FinTech segment of Uzum is emerging as a vital growth engine for the company. By the end of FY2024, over 700,000 Uzum Bank-branded Visa debit cards were issued, indicating a growing trend towards digital banking. The overall Buy Now Pay Later (BNPL) transactions reached $421 million, reflecting a 2.7 times increase from the prior year. Moreover, the gross loan portfolio surged beyond $226 million, showcasing robust demand for unsecured lending.

Djasur Djumaev, the CEO and Founder of Uzum, remarked on the company's trajectory, stating, “2024 was another year of significant growth for Uzum. We reinforced our status as the national leader in both Commerce and FinTech sectors, further enhancing operational effectiveness and robust infrastructure.”

Strategic Goals for 2025

As Uzum looks to the future, a primary objective for 2025 is the expansion of its debit card offerings, with aspirations to issue an additional five million cards. This goal aligns with the broader mission of increasing access to modern financial services throughout Uzbekistan, fostering digital inclusivity.

Djasur Djumaev emphasized that the company's strategy includes deeper integrations across its ecosystem to augment customers' lives and contribute substantially to the nation’s digital transformation. With intentions to continue expanding its e-commerce initiatives, Uzum Holding aims to redefine service delivery in the Uzbekistan digital market.

Conclusion

Uzum Holding has effectively positioned itself at the forefront of Uzbekistan's digital economy using innovative solutions that resonate with the needs of its users. The company's impressive FY2024 results are just a glimpse into a future filled with potential as it leads the charge for enhanced digital services across the country. With ongoing investments in technology and infrastructure, Uzum is well-equipped to navigate the competitive landscape, ensuring it remains a household name within the emerging markets of Central Asia.