Overview of Kaspi.kz Financial Results
Today, Kaspi.kz, a prominent player in Kazakhstan’s tech ecosystem, published its consolidated financial results for the second quarter and the first half of 2025. Kaspi.kz operates the innovative Kaspi.kz and Kaspi Pay Super Apps and holds a significant stake in Hepsiburada within Türkiye.
Key Highlights for 2Q & 1H 2025
The financial report indicates a robust growth trajectory, with revenue increasing by 20% year-over-year (YoY) in the second quarter, alongside a net income growth of 14% YoY. For the first half of 2025, revenue and net income also displayed healthy rises of 20% and 15%, respectively, with notable contributions from all segments except for Türkiye.
Customer Engagement and Transaction Metrics
Kaspi.kz continues to experience solid customer engagement, reporting an average of 75 monthly transactions per active consumer. This reflects the growing popularity and user trust in their services.
Performance Breakdown by Segments
In the Payments sector, operational efficiency led to profit growth outpacing revenue growth, highlighting a strategic advantage. For 2Q 2025, the total payment volume (TPV) and transaction count increased by 21% and 14% YoY, respectively. Additionally, revenue from payments rose by 16% YoY with net income soaring by 19%.
Marketplace Growth and Innovations
The Marketplace segment also showcased significant growth, with purchases surging by 35% YoY in 2Q 2025. The revenue increased by 25% YoY, far exceeding the GMV growth of 15% during the same period. This growth benefitted from the expansion of Kaspi Delivery and new advertising tools, with advertising revenue witnessing a striking 91% annual increase in 1H 2025.
Prospects and Future Strategy
Looking forward, Kaspi.kz remains optimistic about maintaining a favorable growth rate amidst changing market conditions. The completion of the recent $526.9 million payment for Hepsiburada and ongoing initiatives to enhance operational capabilities are expected to solidify the company’s position in the fintech landscape. With new projects underway aimed at bolstering Hepsiburada’s operations, the groundwork for sustained growth in Türkiye is being established.
Financial Health and Stability
Throughout 2Q and 1H 2025, Kaspi.kz has demonstrated consistent improvements in its deposit inflows, which will facilitate transaction growth in the future. The company’s credit quality has remained stable, ensuring manageable risks in an evolving economic environment.
Closing Remarks by Kaspi.kz CEO
Mikheil Lomtadze, the CEO and co-founder of Kaspi.kz, reassured stakeholders of the company’s potential to achieve approximately 15% net income growth in 2025. He emphasized the corporation’s capacity to innovate and adapt within Kazakhstan's dynamic market. As the third quarter progresses, the company is eager to share further updates and results with its shareholders.
Frequently Asked Questions
What were the main financial highlights of Kaspi.kz for 2Q & 1H 2025?
Kaspi.kz recorded a 20% increase in revenue and a 14% rise in net income YoY during the second quarter. For the first half of 2025, both figures also displayed strong growth.
How did customer engagement change in the latest report?
Customer engagement remains robust, with an average of 75 transactions per active consumer reported in the second quarter of 2025.
What is Kaspi.kz's strategy for future growth?
Kaspi.kz is focused on enhancing its core services, expanding payment integrations, and driving further growth in their marketplace and fintech segments.
What are the key areas Kaspi.kz is focusing on?
The company is emphasizing innovations in e-Grocery, advertising tools, and its fintech offerings to maintain competitive growth.
Who leads Kaspi.kz, and what are their future projections?
Mikheil Lomtadze, the CEO, projects a continued growth rate of about 15% net income for 2025, asserting confidence in the company’s strategic initiatives.
