Joint Stock Company Kaspi.kz(US:KSPI)2026-03-13 13:18Revenue Growth - Total revenue for 2023 reached KZT 1,913,490 million, with projections of KZT 2,532,156 million for 2024 and KZT 4,046,074 million for 2025, indicating a growth of 32.3% from 2023 to 2024 and 59.7% from 2024 to 2025[4]. - Net income for 2023 was KZT 848,770 million, expected to increase to KZT 1,056,834 million in 2024 and KZT 1,067,707 million in 2025, reflecting a growth of 24.5% year-over-year in 2024 and a marginal increase of 1.0% in 2025[4]. - The company reported net fee revenue of KZT 987,967 million in 2023, projected to rise to KZT 1,275,125 million in 2024 and KZT 1,598,351 million in 2025, representing a growth of 29.1% in 2024 and 25.4% in 2025[4]. - Interest revenue is expected to grow from KZT 833,516 million in 2023 to KZT 1,082,668 million in 2024 and KZT 1,579,346 million in 2025, marking an increase of 29.9% in 2024 and 46.0% in 2025[4]. - Retail revenue is anticipated to increase significantly from KZT 68,807 million in 2023 to KZT 850,127 million in 2025, marking a growth rate of 1,136.5%[140]. - Total fee and retail revenue is projected to grow from KZT 1,096,912 million in 2023 to KZT 2,513,568 million in 2025, representing a compound annual growth rate (CAGR) of approximately 61.5%[143]. Asset and Equity Growth - Total assets increased from KZT 8,377,101 million in 2024 to KZT 11,081,748 million in 2025, indicating a growth of 32.3%[8]. - Total equity as of 31 December 2025 was KZT 2,601,577 million, reflecting an increase from KZT 1,572,861 million in 2024[11]. - The company’s cash and cash equivalents increased from KZT 619,470 million in 2024 to KZT 903,143 million in 2025, reflecting a growth of 45.8%[8]. - The total cash and cash equivalents increased significantly from KZT 619,470 million in 2024 to KZT 903,143 million in 2025, representing a growth of 45.8%[171]. - The total net book value of property, equipment, and intangible assets reached KZT 714,361 million, up from KZT 269,289 million in 2024, reflecting a significant increase[185]. Expenses and Costs - The company plans to continue expanding its market presence and investing in technology and product development, with expenses in this area projected to rise from KZT 88,657 million in 2023 to KZT 208,580 million in 2025[4]. - Total costs and operating expenses are expected to escalate from KZT 891,486 million in 2023 to KZT 2,714,156 million in 2025, indicating a CAGR of approximately 78.5%[151]. - Interest expenses and fees are projected to increase from KZT 478,010 million in 2023 to KZT 908,698 million in 2025, reflecting a growth of 90.0%[157]. - Share-based compensation expenses are expected to decrease from KZT 20,859 million in 2023 to KZT 15,476 million in 2025, a reduction of approximately 26.0%[158]. Financial Performance and Ratios - The earnings per share (EPS) is expected to grow from KZT 4,431 in 2023 to KZT 5,477 in 2024 and KZT 5,631 in 2025, indicating a year-over-year increase of 23.6% in 2024 and 2.8% in 2025[4]. - Net income attributable to shareholders increased from KZT 841,351 million in 2023 to KZT 1,073,177 million in 2025, reflecting a growth of 27.7%[170]. - The net income is expected to grow from KZT 848,770 million in 2023 to KZT 1,067,707 million in 2025, reflecting a growth of 25.8%[145]. Acquisitions and Market Expansion - The acquisition of a 65.41% share in "D-MARKET Electronic Services & Trading" (Hepsiburada) was completed for approximately USD 1,127 million, with an additional 10.55% acquired for USD 66 million[19]. - The company expanded its market presence by acquiring 39.758% of Kolesa JSC, allowing it to control approximately 50.76% of the voting rights in Kolesa Group[18]. - Non-current assets in Türkiye are projected to reach KZT 347,867 million by the end of 2025, indicating a significant investment in market expansion[149]. Financial Instruments and Risk Management - The Group measures financial assets and liabilities at fair value or amortized cost, depending on the business model and cash flow characteristics[78][82]. - The Group enters into various derivative financial instruments to manage exposure to interest rate and foreign exchange risks, classified as held for trading[83]. - Expected credit loss (ECL) is measured based on the probability-weighted present value of future cash shortfalls, considering factors like exposure at default and loss given default[84][85]. - Significant increases in credit risk are assessed on both individual and portfolio bases, with criteria monitored periodically[86][87]. Compliance and Accounting Policies - The company has a consolidated financial statement prepared in Kazakhstani tenge, with a focus on historical cost accounting and compliance with IFRS standards[25][31]. - The company applies IAS 29 for its Turkish operations, adjusting for inflation and translating financial results into Kazakhstani tenge[39]. - The Group conducts annual impairment tests on intangible assets with indefinite useful lives to ensure they continue to generate net cash inflows[54]. Provisions and Allowances - As of December 31, 2023, the total loss allowance for financial assets is KZT 249,644 million, with KZT 166,042 million in Stage 3 loans[161]. - The allowance for impairment losses on loans to customers increased from KZT 295,843 million in 2024 to KZT 371,764 million in 2025, a rise of 25.6%[182]. - The total effect on the consolidated statements of profit or loss for 2025 was KZT 161,651 million[163].