Kaspi.kz 3Q and 9M 2024 Financial Results

Kaspi.kz 3Q and 9M 2024 Financial Results

Benzinga
October 18, 2024

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 ...

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