Kaspi.kz (KSPI) Q3 2024 earnings summary

Executive summary

• 9M 2024 revenue rose 34% YoY to KZT1.8 trillion; net income up 23% YoY to KZT740 billion, driven by strong performance in Payments, Marketplace, and Fintech platforms.

• Payments and Marketplace contributed 68% of consolidated net income in 9M 2024, remaining the main profit drivers.

• The Super App business model continues to deliver high engagement, with average DAU up 9% and DAU/MAU ratio at 67%.

• Acquisition of a controlling stake in Hepsiburada for $1,127mn expands addressable market to 100 million people in Türkiye, a large, underpenetrated e-commerce market.

Financial highlights

• 3Q 2024 revenue increased 28% YoY to KZT650 billion; net income up 18% YoY to KZT274 billion.

• Payments revenue +25% YoY and net income +25% YoY in 3Q 2024; Marketplace revenue +43% YoY and net income +14% YoY; Fintech revenue +24% YoY and net income +15% YoY.

• Marketplace GMV up 46% YoY in 9M 2024; e-Commerce GMV up 95% YoY; e-Grocery GMV up 88% YoY in 3Q 2024.

• Dividend of KZT 850/ADS proposed for 3Q 2024, subject to shareholder approval.

Outlook and guidance

• On track for FY24 consolidated net income growth of around 25% YoY.

• Marketplace revenue expected to increase ~65% YoY in 2024; net income growth ~40% YoY.

• Payments revenue expected to grow ~20% YoY; net income ~25% YoY for FY24.

• Fintech revenue and net income expected to grow ~20% and ~15% YoY, respectively, for FY24.

• 4Q 2024 expected to see accelerating growth and higher profitability with the return of Juma.