Kaspi.kz (KSPI) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in FY and Q4 2024, with consolidated net income up 25% and revenue up 32% year-over-year, in line with guidance.

• All three platforms—Payments, Marketplace, and Fintech—delivered double-digit revenue and net income growth, with Marketplace leading in growth rates.

• Payments and Marketplace contributed 69% of FY 2024 consolidated net income, up from 66% in FY 2023.

• Record engagement with 73 monthly transactions per active consumer and expanding active consumer and merchant bases.

• Acquisition of 65.41% of Hepsiburada in Turkey completed, expanding the addressable market and to be consolidated from January 2025.

Financial highlights

• FY 2024 revenue: KZT2.53 trillion (+32% YoY); net income: KZT1.06 trillion (+25% YoY).

• Q4 2024 revenue: KZT730 billion (+28% YoY); net income: KZT316 billion (+28% YoY).

• Payments revenue: KZT587 billion (+23% YoY); net income: KZT382 billion (+24% YoY); TPV up 31% YoY.

• Marketplace revenue: KZT733 billion (+64% YoY); net income: KZT348 billion (+41% YoY); GMV up 44% YoY.

• Fintech revenue: KZT1.28 trillion (+25% YoY); net income: KZT327 billion (+12% YoY); TFV up 30% YoY.

Outlook and guidance

• FY 2025 net income growth expected around 20% YoY, excluding Türkiye operations.

• Marketplace GMV projected to grow 25–30% YoY; Payments TPV and Fintech TFV both expected to grow 15–20% YoY.

• No dividend planned for 4Q 2024 and 1H 2025 as focus shifts to funding Hepsiburada acquisition; update on capital return expected in 2H 2025.

• Expectation of slower FinTech bottom line growth due to higher-for-longer interest rates.

• Marketplace and Payments expected to remain key growth drivers.