Uzum Holding Ltd. (hereafter referred to as "we", "us", "our", "Uzum" or the "Company"), a leading ecosystem of digital services in Uzbekistan, is pleased to announce its operating and financial results for the three and nine months ended September 30, 2024.
Key Operating and Financial Highlights
Ecosystem’s flywheel keeps spinning: Uzum’s ecosystem continues to demonstrate outstanding growth, reflected in exceptional top-line expansion of its Commerce and FinTech verticals. Strong operating efficiency and best-in-class execution ensured ~2х year-on-year expansion of the Company’s consolidated bottom line for 9M’24.
- Commerce GMV amounted to $237 million (3х year-on-year) in 9M’24; the Uzum Tezkor delivery service continues to show strong traction and has already transformed into a sizeable contributor to the Commerce vertical
- Nasiya’s BNPL TFV / amounted to $235 million (2.3х year-on-year) in 9M’24. Gross loan portfolio as at 30-Sep-24 more than doubled year-on-year to $169 million, coupled with strong bottom-line expansion to 2.6x year-on-year.
- The combined audience for ecosystem services reached 12.6 million MAU (>2x year-on-year; >30% of the country’s population) in Sep’24.
- Consolidated net income for 9M’24 amounted to $100 million (2x year-on-year).
Based on current trends, Uzum is providing a net income guidance for the full-year 2024 of approximately $150 million.
Successful launch of a debit card, an anchor FinTech product. In Aug’24, we successfully carried out a soft launch of our Visa debit card with a preapproved credit limit. The product represents one of the key growth levers for the FinTech business, tapping a sizeable and growing P2P transactions market and yet underpenetrated market for consumer lending. To date, we’ve delivered very promising traction (>350k cards issued, with recent daily cash loan disbursements exceeding $1 million) with a limited audience for the soft launch and zero marketing budget.
Commissioning of a new warehousing complex: Uzum Market launched the largest warehousing complex in Central Asia, with a storage area of 100,000 sqm and a daily capacity of $4.5 million in terms of GMV). This crucial strategic milestone makes it possible to comfortably service the further expansion of e-commerce volumes and strengthen Uzum Market’s unrivaled #1 position in the local e-commerce market. The number of orders processed amounted to 14 million (2.5x year-on-year). EBITDA before marketing costs remained positive for two consecutive quarters, confirming the high level of efficiency of the business model.
We are thrilled with Uzum’s progress and the resilience of our ecosystem, which continues to deliver substantial growth across our Commerce and FinTech verticals. The successful launch of our virtual debit card, alongside strategic milestones like our new warehousing complex, reinforces our commitment to advancing Uzbekistan’s digital economy. Looking forward, we are actively engaging with investors to secure the resources needed to accelerate our initiatives and further strengthen our market position as we drive innovation in e-commerce and financial services in Uzbekistan.
About Uzum
Uzum is a digital ecosystem and the largest digital platform in Uzbekistan, providing services spanning e-commerce, express delivery, banking and fintech, and business development. The ecosystem includes Uzum Market, an online marketplace with a wide range of products and one-day delivery across the country; Uzum Tezkor, an express delivery service from restaurants and stores; Uzum Bank, a digital bank; Kapitalbank, the country’s largest privately owned bank; Uzum Nasiya, an installment payment service; and Uzum Business, an app for business customers. More than 12 million people in Uzbekistan, or over one-third of the country’s population, use Uzum services every month. Learn more at uzum.com.