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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% and 23% respectively. On track for FY24 net income growth of around 25%.

• Our faster growing and more profitable Payments and Marketplace Platforms together accounted for 68% of consolidated net income, up from 63% 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% and 76% 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.

• 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-Grocery top-line keeps growing fast:

  • GMV up 88% YoY in 3Q 2024 & active consumers up to 725k.

• 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.

• 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.

• 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.

• 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.