Increasing net profit by 50 % to $ 150 million due to considerable expansion in the entire economic system
More than 40 % of the Uzbek population now uses the services of Uzum
Uzum, the leading economic system for digital services in Uzbekistan, today announces unchecked financial results for the twelve months until December 31, 2024:
Highlights
- In 2024, Uzum’s e-commerce and fintech services were more networked with each other within the economic system. This led to considerable growth in both areas, which made these services to an even larger part of everyday life in Uzbekistan.
- The number of monthly active users (Mau) in the entire economic system rose by 61 % in 2024 compared to the previous year to almost 16 million, which corresponds to 40 % of the country’s population.
- Net profit for the 2024 financial year in the amount of $ 150 million, an increase of 50 % compared to the previous year, according to the forecast submitted in the press release on the results of the 3rd quarter/9 months 2024.
Strong growth in retail
- The consolidated gross star value (GMV) for the 2024 financial year amounts to $ 345 million, which corresponds to growth of 2.4 percent compared to the previous year.
- Uzum Market continued to invest in the development of his logistics infrastructure and in sales -oriented solutions. The successful introduction of the FBS model (fulfilled by seller = shipping by seller) and the commissioning of the largest storage facility in Central Asia in the third quarter enabled the marketplace to further expand its activities.
- Uzum Tezkor counted more than 2400 partner restaurants at the end of the year, which corresponds to a doubling compared to the previous year. The geographical distribution area comprises 18 cities and reflects the growing popularity of the express service, since more and more Uzbek citizens are trusting their comfort and quality.
Rapid acceleration from FinTech
- The FinTech Vertical of Uzum became one of the most important growth engines in the entire economic system last year.
- As of December 31, 2024, the company issued more than 700,000 Visa debit cards branded by Uzum-Bank with a revolving credit frame. In the fourth quarter of 2024, Uzum continued the rapid introduction of the product after it was successfully introduced at the end of the third quarter of 2024. Uzum Bank’s maps will remain an important growth driver for the FinTech industry in the medium term.
- FY2024 FinTechs BNPL (Buy Now Pay Later = Buy now, pay later) TFV (1) reached $ 421 million (2.7 times compared to the same period last year). The gross loan portfolio grew considerably in the FY24 and has more than doubled with $ 226 million.
Djasur Djumaev, managing director and founder of Uzum, said:
“2024 was another year with significant growth for Uzum. We strengthened our position as a clear national market leader in our core industry – trade and fintech. Based on our operational excellence and our well -invested infrastructure, we have performed excellently. Our customer base rose by more than 60 % to almost 16 million compared to 2023, which corresponds to 40 % of the total population.
Our GMV in the trade area has more than doubled and is now $ 345 million, supported by continuous investments in technology and infrastructure. In our rapidly growing fintech sales, the indecured lending increased significantly to $ 421 million. We will continue to advance the digitization of the Uzbek financial sector by making online financial services more accessible and more comfortable for people across the country. This was supported by the rapid introduction of our debit cards with revolving credit frames and branded with the name Uzum Bank, of which more than 700,000 were issued within just four months since the product launch.
One main goal for 2025 is the further expansion of the Uzum Bank map business, for which we want to spend up to five million more cards. I am confident that we are well established with the skills we have built up in order to achieve this ambitious milestone and to facilitate millions of people in Uzbekistan access to modern and comfortable financial services.
We plan to further expand our e-commerce business and to develop deeper integration between the various services of our economic system in order to ultimately make an important contribution to improving the life of people and to promote the digital transformation of the country. ”
Information about Uzum Holding Uzum is a digital economic system and the largest digital platform in Uzbekistan, which offers services in the areas of e-commerce, express delivery, banking and fintech as well as company development. The economic system includes Uzum Market, an online marketplace with an extensive product range and one-day delivery across the country; Uzum Tezkor, an express delivery service of restaurants and shops; Uzum Bank, a digital bank; Capital bank, the country’s largest private bank; Uzum Nasiya, an online service for unsafeive loans, and Uzum Business, an app for business customers. More than 16 million people in Uzbekistan, i.e. over 40 % of the national population, use Uzum’s services every month. For more information, see Uzum.com.
(1) Credit payments: BNPL (without surcharge paid by the customer) and bar credit
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