Kazakhstan · Delayed Price · Currency is KZT Joint Stock Company Kaspi.kz Earnings Call Transcripts
Fiscal Year 2025
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Net income grew 10% for 2025 with strong underlying profit and robust revenue growth, despite external headwinds. Marketplace and e-Commerce led segment growth, while Türkiye operations focused on engagement and breakeven. Dividend of KZT 850 per share is expected to be sustainable.
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Strong Q3 results with double-digit growth in payments, fintech, and marketplace segments, despite smartphone supply disruptions and new taxes. Innovations in payments, advertising, and AI are driving engagement, while a $100M buyback and potential dividend resumption signal confidence in future growth.
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Q2 and H1 2025 saw robust growth in payments, marketplace, and fintech, with strong e-Grocery and advertising momentum. High interest rates impacted fintech margins, but risk and deposit trends remain stable. Capital returns are expected to resume in 2026, balancing investments and distributions.
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Revenue rose 21% and net income 16% year over year, with strong growth in payments, marketplace, and fintech, though guidance was revised down due to smartphone import rules and macro headwinds. New deposit products and a $650M Eurobond support expansion, while high interest rates and new taxes pose near-term challenges.
Fiscal Year 2024
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Strong Q4 and full-year 2024 results with 25% net income growth and 32% revenue growth, led by Marketplace and Payments. 2025 guidance targets 20% bottom line growth, with continued expansion in Turkey and new product launches supporting future performance.
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Q3 and nine-month results show strong revenue and net income growth, led by payments and marketplace segments. The company is acquiring a controlling stake in Hepsiburada to expand into Turkey, with the transaction funded by cash and earnings. Guidance remains robust for 2024.
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Q2 and H1 2024 saw robust growth across all platforms, with consolidated revenue up 36% and net income up 25% year-over-year. Marketplace and e-Grocery led segment growth, while full-year net income guidance of 25% was reiterated, with Q4 expected to be the strongest quarter.