Kaspi.kz's Financial Triumphs in 2025
Kaspi.kz, a prominent joint stock company, has recently revealed their consolidated financial results for the period ending September 30, 2025. This financial summary showcases the company’s robust performance in a challenging economic landscape, reflecting substantial growth despite grappling with smartphone supply disruptions in Kazakhstan.
Key Highlights from 3Q and 9M 2025
The highlights paint a vibrant picture of the company's financial health. Revenue surged by 20% year-over-year (YoY) in the third quarter of 2025, accompanied by a net income increase of 12% YoY. It is noteworthy that when excluding the impact of smartphone turnover and regulatory changes, underlying revenue was up by a remarkable 23%. This indicates the core business is thriving despite the headwinds faced during this period.
Growth Impacted by External Factors
Despite the growth, it is essential to recognize some challenges. The lower gross merchandise volume (GMV) from smartphones and the increasing base rate have posed obstacles. However, trends in other business areas showed resilience, aligning closely with forecasts shared during Kaspi.kz's interim report earlier in the year.
Performance Metrics and Customer Engagement
As the company continued its journey through 2025, customer engagement showed a strong uptick, achieving an impressive 76 monthly transactions for each active consumer. In the payments sector, operational efficiency translated into profit growth that outpaced revenue growth, demonstrating the effectiveness of Kaspi's business strategy.
Advancements in Payment Solutions
The payments platform witnessed significant enhancements, with total payment volume (TPV) and transactions rising by 18% and 14% YoY in 3Q 2025, respectively. Revenue from the payments sector climbed by 10% in conjunction with net income growth of 12%. Excitingly, Kaspi introduced its latest payment innovation, Kaspi Alaqan, allowing payments via palm, set to launch in the fourth quarter of 2025.
Marketplace Platform Growth
The marketplace segment exhibited growth that outpaced GMV, with purchases jumping by 36% YoY in both the third quarter and for the first nine months of 2025. Revenue surged by 24% YoY, significantly higher than the 12% GMV growth, underpinned by Kaspi's delivery and advertising services and e-grocery initiatives.
Continuous Expansion and Innovations
Kaspi's continuous expansion into the advertising realm has proven fruitful, as advertising revenue experienced a significant increase of 56% and 76% YoY for 3Q and 9M 2025, respectively. This growth resulted from a new advertising service aimed at improving visibility for merchants on both the Kaspi Super App and third-party platforms.
Outlook for Future Growth
Looking forward, the company anticipates favorable year-over-year comparisons starting in March 2026, which should ease the current pressures from smartphone supply shortages. Kaspi's robust core business cash generation bolsters confidence in its long-term growth potential. Notably, a $100 million ADS repurchase program was initiated to enhance shareholder value, reflecting the company’s commitment to returning capital to its investors.
Frequently Asked Questions
What are the key financial highlights for Kaspi.kz in 2025?
Kaspi.kz reported a 20% increase in revenue for 3Q 2025 and a 12% rise in net income, demonstrating solid growth amid challenges.
How did external factors affect Kaspi.kz's financial performance?
External factors, particularly smartphone supply disruptions and regulatory changes, posed challenges impacting overall growth. However, core business metrics remained strong.
What innovations were introduced by Kaspi in 2025?
Kaspi introduced Kaspi Alaqan, a new payment solution allowing users to pay via palm, set to launch in 4Q 2025, showcasing their focus on innovation.
What future prospects does Kaspi.kz see?
Kaspi.kz expects growth to resume following the easing of smartphone supply constraints, with a projected net income growth rate of 10-12% YoY for 2025.
How does Kaspi.kz engage its customers?
Customer engagement is strong, with 76 monthly transactions per active consumer, reflecting the company's strategic focus on enhancing user experience.
