Kaspi.kz 2Q and 1H 2024 Financial Results
July 22 2024 - 6:00AM
Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq: KSPI)
which operates the Kaspi.kz Super App for consumers and Kaspi Pay
Super App for merchants, today publishes its unaudited consolidated
IFRS financial results for the quarter and first half ended 30 June
2024 (“2Q & 1H 2024”).
2Q 2024 Highlights
- Strong 2Q 2024 with
revenue and net income up 36% and 25% year-over-year (“YoY”),
respectively.
- Our faster growing
and more profitable Payments and Marketplace Platforms together
accounted for 68% of consolidated net income, up from 61% in 1H
2023.
- All Platforms
continued to deliver strong top-line growth in the second quarter
of 2024:
- Marketplace remains
our fastest growing platform with GMV and revenue up 62% and 96%
YoY respectively.
- Revenue from
value-added services (“VAS”) increased 4.2x YoY and added 100 bps
to Marketplace Take Rate, which reached 9.5%.
- Range of ad products
expanded with the launch of brand advertising.
- Marketplace net
income up 68% YoY.
- Within Marketplace,
e-Commerce keeps delivering the stand-out performance:
- e-Commerce GMV up
113% YoY.
- e-Commerce Take Rate
up 30 bps YoY to 11.3%.
- e-Grocery top-line
keeps growing fast:
- GMV up 99% YoY &
active customers up to 639k.
- Launched in
Shymkent, Kazakhstan’s 3rd largest city. With a presence in Almaty,
Astana and Shymkent, e-Grocery covers around half of Kazakhstan’s
total retail trade.
- We are expanding
existing dark stores and are opening another large dark store in
Almaty to meet growing consumer demand.
- Following the
acquisition of Kolesa.kz, we are focussing on the autos’ vertical,
which we believe is one of the largest areas of household spending:
- e-Cars accounted for
28% of e-Commerce GMV during 1H 2024.
- Further product
launches planned later this year, as we build the leading digital
experience around selling, buying & servicing a car.
- Kaspi Travel is
still growing rapidly:
- Travel GMV up 33%
YoY.
- Last year we
launched Kaspi Tours, a vacation package marketplace and in 2Q 2024
tours GMV increased 644% YoY.
- Tours are growth
enhancing and had a 7.9% Take Rate.
- In Payments, strong
top-line continues to drop-through to bottom-line:
- Payment’s
transactions up 46% YoY.
- B2B Payments remains
the fastest-growing component of TPV. We expect B2B to keep growing
significantly faster than Payments TPV.
- Payments revenue and
net income up 23% and 22% respectively.
- Fintech Platform TFV
growth up 43% YoY:
- Merchant & Micro
Finance is our fastest growing lending product and at 17% of TFV in
1H 2024 is increasingly meaningful in size.
- Moderating interest
rates and loans growing faster than deposits should see Fintech net
income growth accelerate significantly from the third quarter of
2024.
- Investing in our
growth including international expansion is our top priority.
However, if we have excess capital, we will return it to our
shareholders.
- Based on strong 2Q
2024 Kaspi.kz consolidated financials our Board of Directors has
proposed a dividend of KZT850/ADS, subject to shareholder
approval.
- The third quarter of
2024 has gotten off to a strong start and we observe a healthy and
predictable consumer and merchant environment. The timing of
marketing campaigns often varies and year-on-year growth in 3Q 2024
will be lower than during 1H 2024 due to Kaspi Juma having already
taken place. That said, we remain on track to deliver our existing
platform guidance and expectation of around 25% year-over-year
full-year 2024 Kaspi.kz consolidated net income growth.
To the shareholders of Kaspi.kz:
During the second quarter, we continued to execute in the
fashion that you have become accustomed too.
User engagement continues to hit record levels, with our
consumers transacting 72 times per month, payments transaction up
46% year-over-year and marketplace purchases up 38%. We always aim
to do more for our customers and strong transaction activity in
turn is resulting in rapid top-line momentum across our
business.
Marketplace Platform continues to go from strength to strength,
with GMV up 62% year-over-year. Within this, e-Grocery GMV
increased 99%. In Kaspi Travel, GMV from Kaspi Tours increased
644%. Kaspi.kz is the market leader in e-Commerce and going forward
we will focus on building a best-in-class consumer experience
around more verticals. We started with Travel, then e-Grocery and
now e-Cars. As we execute further on our vertical specific
strategy, we expect this to unleash another wave of innovation and
growth, creating value for both our customers and shareholders.
More new game changing services to come from us later this
year.
Another important area of focus for us, is merchant value-added
services. This includes advertising, where we recently launched our
brand advertising solution. Now brands can run campaigns and
promote merchants that sell their products. The digital advertising
market in Kazakhstan is still in its early days. With a world class
advertising proposition for local and global brands, we expect to
be a catalyst for the market’s growth.
Each of our new services are not only helping us to keep growing
fast but will open new areas for product innovations in the future.
Their success gives me confidence that Kaspi.kz can keep delivering
healthy growth for many more years to come.
The third quarter of the year has gotten off to a strong start
and the consumer and merchant environment remains healthy. Our
Fintech Platform should now see its Net Income growth accelerate
significantly, which is another encouraging driver for the future.
With Kaspi Juma taking place in the first and second quarter this
year, year-over-year GMV growth should be lower in the third
quarter before accelerating again in the fourth quarter. Looking
through the timing of marketing campaigns, we’re very much on track
to deliver another year of strong top and bottom-line growth.
As usual, if we have excess capital, we return it to our
shareholders. For the second quarter of 2024, our Board of
Directors has recommended a dividend of KZT850/ADS, subject to
shareholder approval.
Investors should keep in mind though, that we’re working on our
plans to grow Kaspi.kz outside of Kazakhstan and when we think the
time is right, we won’t hesitate to put our capital to work.
Mikheil LomtadzeKaspi.kz CEO and
co-founder
Click on, or paste the following link into your web browser, to
view the full announcement.
http://ml.globenewswire.com/Resource/Download/aa928302-d883-4a9d-a2a1-11ff1b585f86
For further informationDavid
Ferguson, david.ferguson@kaspi.kz +44 7427 751 275
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