Kaspi.kz 3Q and 9M 2024 Financial Results
Kaspi.kz reported strong financial results for Q3 and 9M 2024, with revenue and net income up 34% and 23% respectively for the first nine months. The company is on track for FY24 net income growth of around 25%. Key highlights include:
- Marketplace Platform GMV and revenue up 46% and 76% YoY, with e-Commerce GMV up 95% YoY
- Payments Platform transactions up 42% YoY, with B2B Payments as the fastest-growing component
- Fintech Platform TFV growth up 34% YoY, with Merchant & Micro Business Finance and BNPL as the fastest-growing lending product
Kaspi.kz also announced the acquisition of a controlling stake in Hepsiburada, expanding its market to 100 million people. The company proposed a dividend of KZT850/ADS for Q3 2024, subject to shareholder approval.
Kaspi.kz ha riportato risultati finanziari solidi per il Q3 e i primi 9 mesi del 2024, con entrate e reddito netto aumentati rispettivamente del 34% e del 23% per i primi nove mesi. L'azienda è sulla buona strada per una crescita del reddito netto del FY24 di circa il 25%. I punti salienti includono:
- Piattaforma Marketplace con GMV e ricavi in crescita del 46% e del 76% su base annua, con GMV dell'e-commerce in aumento del 95% su base annua.
- Piattaforma di Pagamento con transazioni in crescita del 42% su base annua, con i Pagamenti B2B come componente in più rapida crescita.
- Piattaforma Fintech con una crescita del TFV del 34% su base annua, con il finanziamento per commercianti e micro imprenditori e BNPL come i prodotti di prestito in più rapida crescita.
Kaspi.kz ha anche annunciato l'acquisizione di una partecipazione di controllo in Hepsiburada, ampliando il suo mercato a 100 milioni di persone. L'azienda ha proposto un dividendo di KZT850/ADS per il Q3 del 2024, soggetto all'approvazione degli azionisti.
Kaspi.kz ha presentado resultados financieros sólidos para el tercer trimestre y los primeros 9 meses de 2024, con ingresos y beneficios netos aumentados un 34% y un 23% respectivamente en los primeros nueve meses. La empresa está en camino de un crecimiento del beneficio neto de alrededor del 25% para el ejercicio 2024. Los aspectos destacados incluyen:
- Plataforma Marketplace con GMV y ingresos en aumento del 46% y del 76% interanual, con GMV del comercio electrónico aumentando un 95% interanual.
- Plataforma de Pagos con transacciones en aumento del 42% interanual, siendo los Pagos B2B el componente de más rápido crecimiento.
- Plataforma Fintech con un crecimiento del TFV del 34% interanual, con Financiación para Comerciantes y Microempresas y BNPL como los productos de préstamo de más rápido crecimiento.
Kaspi.kz también anunció la adquisición de una participación de control en Hepsiburada, ampliando su mercado a 100 millones de personas. La empresa propuso un dividendo de KZT850/ADS para el tercer trimestre de 2024, sujeto a la aprobación de los accionistas.
Kaspi.kz는 2024년 3분기 및 9개월 동안 강력한 재무 결과를 보고했으며, 첫 아홉 달 동안 수익 및 순이익이 각각 34% 및 23% 증가했습니다. 이 회사는 2024회계연도 순이익이 약 25% 성장할 것으로 예상하고 있습니다. 주요 하이라이트는 다음과 같습니다:
- 마켓플레이스 플랫폼의 GMV와 수익이 전년 대비 각각 46% 및 76% 증가했으며, 전자상거래 GMV는 전년 대비 95% 증가했습니다.
- 결제 플랫폼의 거래가 전년 대비 42% 증가했으며, B2B 결제가 가장 빠르게 성장하는 요소입니다.
- 핀테크 플랫폼의 TFV가 전년 대비 34% 증가했으며, 상인 및 소규모 비즈니스 자금 지원과 BNPL이 가장 빠르게 성장하는 대출 상품입니다.
Kaspi.kz는 또한 Hepsiburada의 지배 지분 인수를 발표하며, 시장 규모를 1억 명으로 확대했습니다. 이 회사는 2024년 3분기 동안 KZT850/ADS의 배당금을 제안했으며, 이는 주주 승인을 필요로 합니다.
Kaspi.kz a annoncé de solides résultats financiers pour le T3 et les 9 premiers mois de 2024, avec un revenu et un bénéfice net en hausse de 34 % et 23 % respectivement pour les neuf premiers mois. L'entreprise est en bonne voie pour une croissance du revenu net d'environ 25 % pour l'exercice 2024. Les faits saillants comprennent :
- Plateforme Marketplace avec un GMV et des revenus en hausse de 46 % et 76 % d'une année sur l'autre, avec un GMV du e-commerce en hausse de 95 % d'une année sur l'autre.
- Plateforme de Paiement avec des transactions en hausse de 42 % d'une année sur l'autre, les paiements B2B étant le composant à la croissance la plus rapide.
- Plateforme Fintech avec une croissance du TFV de 34 % d'une année sur l'autre, avec le financement des commerçants et des micro-entreprises et BNPL comme les produits de prêt à la croissance la plus rapide.
Kaspi.kz a également annoncé l'acquisition d'une participation majoritaire dans Hepsiburada, élargissant son marché à 100 millions de personnes. L'entreprise a proposé un dividende de KZT850/ADS pour le T3 2024, sous réserve de l'approbation des actionnaires.
Kaspi.kz hat für das 3. Quartal und die ersten 9 Monate 2024 starke finanzielle Ergebnisse berichtet, mit einem Umsatz- und Nettogewinnwachstum von 34% bzw. 23% in den ersten neun Monaten. Das Unternehmen ist auf dem richtigen Weg, um für das Geschäftsjahr 2024 ein Nettogewinnwachstum von rund 25% zu erreichen. Zu den wichtigsten Punkten gehören:
- Marktplatz-Plattform: GMV und Umsatz steigen um 46% und 76% im Jahresvergleich, bei einem e-Commerce GMV, das im Jahresvergleich um 95% steigt.
- Zahlungsplattform: Transaktionen steigen um 42% im Jahresvergleich, mit B2B-Zahlungen als am schnellsten wachsendem Bestandteil.
- Fintech-Plattform: TFV-Wachstum steigt um 34% im Jahresvergleich, mit Merchant & Micro Business Finance und BNPL als schnellst wachsenden Kreditprodukten.
Kaspi.kz hat außerdem die Übernahme einer Mehrheitsbeteiligung an Hepsiburada bekannt gegeben, wodurch sich der Markt auf 100 Millionen Menschen erweitert. Das Unternehmen schlug eine Dividende von KZT850/ADS für das 3. Quartal 2024 vor, die der Genehmigung der Aktionäre unterliegt.
- Revenue up 34% YoY for 9M 2024
- Net income up 23% YoY for 9M 2024
- Marketplace GMV up 46% YoY
- e-Commerce GMV up 95% YoY
- Payments transactions up 42% YoY
- Fintech TFV growth up 34% YoY
- Acquisition of controlling stake in Hepsiburada, expanding market to 100 million people
- Proposed dividend of KZT850/ADS for Q3 2024
- Timing of marketing campaigns distorted GMV growth between Q2 and Q3
Insights
Kaspi.kz's Q3 and 9M 2024 results demonstrate robust growth across all platforms. The company's consolidated revenue increased by
Key highlights include:
- Marketplace GMV and revenue up
46% and76% YoY respectively - e-Commerce GMV surged
95% YoY - Payment transactions increased
42% YoY - Fintech Platform TFV growth up
34% YoY
The acquisition of a controlling stake in Hepsiburada expands Kaspi.kz's market to 100 million people, potentially driving future growth. The proposed dividend of
Overall, Kaspi.kz's diversified platform strategy and expansion efforts position it well for continued growth, making it an attractive option for investors seeking exposure to the fintech and e-commerce sectors in emerging markets.
Kaspi.kz's performance in 3Q and 9M 2024 showcases its strong market position and growth potential. The company's Super App strategy is paying off, with high user engagement at 72 transactions per month per consumer. This level of engagement is important for cross-selling and upselling opportunities across their ecosystem.
The standout performances in e-Commerce (GMV up
The acquisition of Hepsiburada is a strategic move that not only expands Kaspi.kz's geographical footprint but also strengthens its position in the e-commerce market. This acquisition, combined with the potential participation in the privatization of the Humo payments system in Uzbekistan, signals Kaspi.kz's ambitious expansion plans in the region.
These developments position Kaspi.kz as a formidable player in the fintech and e-commerce space across Central Asia and potentially beyond, making it a company to watch for investors interested in emerging market growth stories.
ALMATY, Kazakhstan, Oct. 18, 2024 (GLOBE NEWSWIRE) -- 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 nine months ended 30 September 2024 (“3Q & 9M 2024”).
9M 2024 Highlights
- Timing of marketing campaigns has distorted GMV growth between 2Q and 3Q. 9M 2024 is more representative of business performance with revenue and net income up
34% and23% respectively. On track for FY24 net income growth of around25% . - Our faster growing and more profitable Payments and Marketplace Platforms together accounted for
68% of consolidated net income, up from63% in 9M 2023. - All Platforms continued to deliver strong top-line growth for the first 9 months of 2024:
- Marketplace remains our fastest growing platform with GMV and revenue up
46% and76% YoY respectively. - Marketplace net income up
45% YoY. New service Kaspi Gift Cards launched. An innovative way to drive Super App engagement and Marketplace transactions.
- Marketplace remains our fastest growing platform with GMV and revenue up
- Within Marketplace, e-Commerce keeps delivering the stand-out performance:
- e-Commerce GMV up
95% YoY. - e-Commerce Take Rate up 40 bps YoY to
11.1% .
- e-Commerce GMV up
- e-Grocery top-line keeps growing fast:
- GMV up
88% YoY in 3Q 2024 & active consumers up to 725k.
- GMV up
- Kaspi Travel is still growing rapidly:
- Travel GMV up
35% YoY. - Last year we launched Kaspi Tours, a vacation package marketplace and in the seasonally important third quarter of 2024 tours GMV increased
302% YoY. - Tours are growth enhancing and had an
8.1% Take Rate in 3Q 2024.
- Travel GMV up
- In Payments, strong top-line continues to drop-through to bottom-line:
- Payment’s transactions up
42% YoY. - B2B Payments remains the fastest-growing component of TPV. We expect B2B to keep growing significantly faster than Payments TPV.
- Payment’s revenue and net income both up
24% YoY respectively.
- Payment’s transactions up
- Fintech Platform TFV growth up
34% YoY:- Merchant & Micro Business Finance and BNPL is our fastest growing lending product and at
17% of TFV in 9M 2024 is increasingly meaningful in size. - Dedicated Business Deposit for merchants launched. Another reason for merchants to transact with Kaspi.kz and an additional source of funding for us.
- Moderating interest rates and loans growing faster than deposits led to accelerating Fintech net income growth in the third quarter of 2024.
- Merchant & Micro Business Finance and BNPL is our fastest growing lending product and at
- For a long time, we have said investing in our growth including international expansion is our top priority. With the acquisition of a controlling stake in Hepsiburada, we:
- Expand our market to 100 million people.
- Gain one of the leading e-Commerce franchises in Türkiye ’s underpenetrated and fast-growing e-Commerce market.
- Hepsiburada is a strong cultural fit with Kaspi.kz given its innovative culture, focus on high quality services and sustainable growth.
- Formal letter of interest to participate in the privatisation of the Humo payments system in Uzbekistan submitted. We are awaiting information on the next steps.
- Based on 3Q 2024 Kaspi.kz consolidated financials our Board of Directors has proposed a dividend of KZT850/ADS, subject to shareholder approval.
- We remain on track to deliver on our expectation of around
25% year-over-year full-year 2024 Kaspi.kz consolidated net income growth. With the return of Juma, the fourth quarter of 2024, should see accelerating growth and higher profitability, compared with 3Q 2024.
To the shareholders of Kaspi.kz:
Expanding our addressable market to 100 million people has been an important strategic priority for Kaspi.kz. On October 17th, we signed a definite agreement to acquire a controlling stake in Hepsiburada, one of Türkiye’s leading e-Commerce platforms.
Serving 12 million consumers and 101 thousand merchants, we believe Hepsiburada is a strong cultural fit with Kaspi.kz given its innovative culture, focus on providing high quality services to consumers and merchants and commitment to long-term sustainable growth. Like Kaspi.kz, Hepsiburada is a highly entrepreneurial company and home-grown e-Commerce champion, built by a visionary founder. Both companies are driven by a similar purpose, namely to improve consumers’ and merchants’ lives. Hepsiburada is EBITDA positive, which is a strong testament to its founder and management team who have focused on profitable growth rather than growth at all costs. The transaction is expected to close in the first quarter of 2025.
Turning to Kaspi.kz’s third quarter, where we continued to execute in line with our plans.
User engagement remains at record levels, with our consumers transacting 72 times per month, Payments transaction up
Marketplace Platform GMV was up
The fourth quarter of the year has started well and the consumer and merchant environment remains healthy. As discussed before, our Fintech Platform is now seeing its Net Income growth accelerate, with a further step up in growth expected in the fourth quarter and our newly launched deposit account for merchants has gotten off to a great start. Payments Platform remains as healthy as ever.
Looking through the timing of marketing campaigns, we’re very much on track to deliver another year of strong top and bottom-line growth.
For the third quarter of 2024, our Board of Directors has recommended a dividend of KZT850/ADS, subject to shareholder approval.
Mikheil Lomtadze
Kaspi.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/261c14aa-4666-4a06-83f6-ff53b0e28c19
For further information
David Ferguson, david.ferguson@kaspi.kz +44 7427 751 275
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