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 ...
