Welcome to our dedicated page for Joint Stock Company Kaspi.kz American Depository Shares news (Ticker: KSPI), a resource for investors and traders seeking the latest updates and insights on Joint Stock Company Kaspi.kz American Depository Shares stock.
Joint Stock Company Kaspi.kz (symbol: KSPI) is a pivotal force in Kazakhstan's payment, marketplace, and Fintech ecosystem. Known for its Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants, the company offers an array of interconnected, technologically seamless products and services that facilitate cashless payments, online shopping, and financial management.
Core Business: Kaspi.kz operates through three main platforms:
- Payments Platform: This platform connects consumers and merchants, enabling cashless, digital transactions. The platform has demonstrated substantial profitability, with a 55% net income growth in FY 2023.
- Marketplace Platform: It links merchants and consumers, boosting sales and offering a wide range of products and services. The platform's GMV and revenue grew significantly, with e-Commerce GMV up 53% year-over-year in FY 2023.
- Fintech Platform: This enables customers to manage their finances online, offering consumer finance and deposit products. Notably, the platform's TFV grew by 47% YoY in FY 2023.
Recent Achievements:
The company posted strong financial results for 4Q 2023 and FY 2023, with consolidated revenue and net income up 51% and 44% YoY, respectively. The Kaspi.kz Super App's user engagement reached 65%, among the highest globally for any major mobile app. Additionally, Kaspi.kz's e-Grocery segment showed remarkable growth, with GMV up 3.5x YoY in FY 2023.
Current Projects:
- Kaspi Postomats: The company rolled out 5,943 postomats, accounting for 39% of deliveries, with plans to expand to around 7,000 by the end of 2024.
- e-Grocery Expansion: The company plans to scale up in Almaty and Astana and launch its first dark store in Shymkent by 2024.
- Kaspi Travel and Kaspi Tours: These initiatives have shown rapid growth, with Travel GMV up 42% YoY and Tours accounting for 5% of Travel's GMV by 4Q 2023.
Kazakhstan's rapidly expanding e-Commerce market positions Kaspi.kz as a market leader, enabling fast and profitable growth. The company's focus remains on delivering value-added services and expanding its innovative offerings to both consumers and merchants.
Financial Position:
Kaspi.kz's financial condition is robust, with strong revenue and net income growth. The Board of Directors has proposed dividends and continued its ADS buyback program. In light of its successful US listing on Nasdaq in January 2024, the company aims to further enhance trading liquidity and capitalize on new growth opportunities.
This overview provides a comprehensive understanding of Kaspi.kz's operations, highlighting its significant contributions to Kazakhstan's digital economy.
Kaspi.kz, a leading fintech company, has expressed formal interest in participating in the privatization of Humo, Uzbekistan's national payment system. The State Assets Management Agency (SAMA) plans to privatize 100% of Humo through a public negotiation process. Humo is one of two payment systems in Uzbekistan, with over 23 million cards issued, 200,000 points of sale, and 6,000 ATMs.
Mikheil Lomtadze, CEO of Kaspi.kz, emphasized Uzbekistan's growing economy and its attractiveness to investors. Kaspi.kz, known for its innovative digital products, aims to contribute to Uzbekistan's digital payments journey. The privatization process will involve three stages: expression of interest, non-binding proposals, and binding proposals with a 1% guarantee payment.
Kaspi.kz (KSPI) held its Extraordinary General Meeting on August 21, 2024, passing several key resolutions. Shareholders approved a dividend of KZT 850 per common share for Q2 2024, with payments commencing on August 21, 2024. The record date for dividend eligibility was set as August 20, 2024. Additionally, Deloitte LLP was reappointed as the external auditor for Kaspi.kz's 2024 financial statements. These decisions reflect the company's commitment to shareholder value and financial transparency.
Kaspi.kz (Nasdaq: KSPI) has announced an Extraordinary General Meeting of Shareholders scheduled for August 21, 2024 in Almaty, Kazakhstan. The agenda includes approval of dividend payments and appointment of an external auditor. The Board recommends a dividend of 850 KZT per common share, with a proposed record date of August 20, 2024 for common shareholders and August 22, 2024 for ADS holders. The Board also recommends renewing Deloitte LLP's appointment as external auditor for another 12 months. If quorum is not met, a repeated meeting will be held on August 22, 2024.
Kaspi.kz (Nasdaq: KSPI) reported strong financial results for Q2 2024, with revenue up 36% and net income up 25% year-over-year. The company's Payments and Marketplace Platforms accounted for 68% of consolidated net income. Key highlights include:
- Marketplace GMV and revenue grew 62% and 96% YoY respectively
- e-Commerce GMV increased 113% YoY
- Payments transactions up 46% YoY
- Fintech Platform TFV growth up 43% YoY
The company launched new services, including brand advertising and expanded e-Grocery operations. Kaspi.kz remains on track to deliver around 25% year-over-year full-year 2024 consolidated net income growth. The Board proposed a dividend of KZT850/ADS, subject to shareholder approval.
On June 27, 2024, Kaspi.kz (KSPI US) announced it will report its financial results for the second quarter and first half of 2024 on July 22, 2024. The announcement will include a conference call and webcast at 8:00 AM EST (1:00 PM GMT, 5:00 PM Astana time) to review and discuss the results. Interested parties can pre-register for the call through a provided link and will receive access details via email. This event is important for investors looking to gain insights into the company's financial performance for the specified period.
S&P Global has upgraded Kaspi Bank's credit rating to BB+, recognizing the bank's robust financial performance and strategic growth. Kaspi Bank, a key part of Kaspi.kz's Fintech platform, received an upgrade in its long-term global scale rating from BB to BB+ with a stable outlook. The Kazakhstan national scale rating was also lifted to kzAA+ from kzAA-. The rating agency highlighted Kaspi.kz's unique strategy, leading brand, superior asset quality, and strong financial track record. Over the past five years, Kaspi.kz has maintained an average return on equity (ROE) of 80%, with expectations of continued strong earnings. The company's diversification into Payment and Marketplace Platforms has been a significant contributor to its growth and customer loyalty. CEO Mikhail Lomtadze acknowledged the efforts of the team and expressed gratitude to their consumers and merchants.
On May 23, 2024, Joint Stock Company Kaspi.kz (Nasdaq: KSPI) announced the resolutions passed at its Extraordinary General Meeting held on May 22, 2024. The key resolutions included the approval of the meeting agenda and the payment of dividends. A dividend of KZT 850 per common share will be paid for the first quarter of 2024. The dividend payment will commence on May 22, 2024, to shareholders recorded as of May 21, 2024. Payments will be made in cash via wire transfers to shareholders' accounts.
Harvard Business School (HBS) has published a new case study on Kaspi.kz (Nasdaq: KSPI), titled 'Kaspi.kz: Building Trust through Innovation'. This marks the second HBS case study on Kaspi.kz, following the 2019 study 'Kaspi.kz IPO'. The latest study explores how Kaspi.kz's unique corporate culture and commitment to high-quality services have enabled it to build strong customer trust and develop innovative digital products with high adoption rates. The study also examines whether these factors will support Kaspi.kz's expansion beyond Kazakhstan. Mikhail Lomtadze, CEO and co-founder of Kaspi.kz, expressed satisfaction with HBS's focus on the company's culture and service quality. The case study is available on the HBS website.
Kaspi.kz has partnered with Alipay+ to allow its customers to pay using the Kaspi.kz Super App and QR code in China. This partnership aims to provide a seamless payment experience for Kazakhstanis traveling in China, eliminating the need for cash or cards. CEO Mikhail Lomtadze expressed gratitude for the partnership, emphasizing the convenience it brings to customers. Venetia Lee of Ant International highlighted the innovation and service excellence behind the collaboration, aiming to enhance travel and shopping experiences.
Kaspi.kz, a company operating the Kaspi.kz Super App and Kaspi Pay Super App, has filed its Annual Report on Form 20-F for the year ended December 31, 2023, with the SEC. The report is available on the company's investor relations website and the SEC's website.
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