Kaspi.kz Financial Performance Overview for 2024
Joint Stock Company Kaspi.kz operates the prominent Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants, providing multifaceted financial services to a diverse clientele. This article outlines the financial performance of Kaspi.kz for the quarter and nine months ending on September 30, 2024, reflecting robust growth and strategic advancements.
Key Financial Highlights for 2024
During the first three quarters of 2024, Kaspi.kz experienced a notable increase in revenue, with a rise of 34% year-over-year. This correlates with a healthy net income growth of 23%, indicating that the core business strategies are aligning effectively to boost performance.
The company’s focus on enhancing its Payments and Marketplace Platforms has proven fruitful, as they contributed 68% of the total net income, reflecting a growth from 63% in the same period last year. This shift highlights the strategic prioritization of these revenue streams.
Marketplace Growth and Innovations
The Kaspi.kz Marketplace continues to set the pace as the fastest-growing segment, showcasing impressive year-over-year gains of 46% in GMV and a significant revenue increase of 76%. A new service, Kaspi Gift Cards, has recently launched, aimed at driving engagement within the Super App and boosting Marketplace transactions.
Standout Performance in e-Commerce and e-Grocery
e-Commerce has emerged as a significant contributor to growth, with GMV soaring by 95% year-over-year and the Take Rate increasing by 40 basis points to 11.1%. Meanwhile, the e-Grocery sector reported a remarkable growth, with GMV up 88% year-over-year, supported by a growing active consumer base now reaching 725k.
Ambitious Growth in Travel Services
The Kaspi Travel segment has also registered substantial growth, with GMV rising by 35% year-over-year. The launch of Kaspi Tours, a vacation package marketplace, has been a game-changer, resulting in a dramatic 302% year-over-year increase in GMV during the third quarter of 2024.
Expanding Financial Technologies
The financial technology sector of Kaspi.kz has shown a robust growth trajectory, with total financing volume increasing by 34% year-over-year. Kaspi.kz is keen on driving its innovative lending products, including Merchant & Micro Business Finance and BNPL, which represent a growing segment of the financial services offered.
Strategic Acquisitions and Market Expansion
A key strategic focus for Kaspi.kz is the ongoing expansion of its market reach. Following the acquisition of a controlling stake in Hepsiburada, one of Türkiye’s leading e-Commerce platforms, Kaspi.kz has expanded its potential addressable market significantly to 100 million consumers.
This acquisition is expected to integrate seamlessly with Kaspi.kz, given the cultural similarities and shared focus on sustainable, innovative growth.
Future Prospects and Projects
Kaspi.kz has expressed interest in participating in the privatization of the Humo payments system in Uzbekistan, indicating a commitment to exploring further growth opportunities in international markets.
Additionally, the Board of Directors has proposed a dividend of KZT850 per American Depositary Share (ADS), pending shareholder approval, demonstrating the company’s ongoing commitment to returning value to its investors.
Final Thoughts from the CEO
In his address, CEO Mikheil Lomtadze emphasized the pivotal role of user engagement in driving transactional growth. With consumers averaging 72 transactions monthly, there has been a consistent upward momentum in both Payments and Marketplace sectors.
The fourth quarter is expected to accelerate growth trajectory as exciting new initiatives unfold. The integration of strategic acquisitions and a commitment to product innovation will help Kaspi.kz maintain its leading position in the marketplace.
Frequently Asked Questions
What were the major financial highlights for Kaspi.kz in 2024?
Kaspi.kz reported a 34% increase in revenue and a 23% rise in net income for the first nine months of 2024, indicating strong business performance.
How has the acquisition of Hepsiburada impacted Kaspi.kz?
The acquisition has expanded Kaspi.kz's addressable market to 100 million consumers, enhancing its position in the competitive e-Commerce landscape.
What new services has Kaspi.kz introduced to boost engagement?
Kaspi Gift Cards have been launched as a new service aimed at increasing user engagement within the Super App and boosting Marketplace transactions.
What growth initiatives are planned for the future?
Kaspi.kz is focusing on expanding its fintech offerings and exploring growth opportunities through strategic acquisitions and market expansions.
When is the proposed dividend for Kaspi.kz expected to be approved?
The proposed dividend of KZT850 per ADS is subject to shareholder approval during the next Board meeting, expected soon.
