Kaspi.kz 2Q and 1H 2024 Financial Results

Core Insights - Kaspi.kz reported strong financial performance in 2Q 2024, with revenue and net income increasing by 36% and 25% year-over-year, respectively [10] - The Payments and Marketplace Platforms contributed significantly to net income, accounting for 68% of consolidated net income, up from 61% in 1H 2023 [10] - The company is focused on expanding its services and entering new markets, with plans for international growth when deemed appropriate [6] Financial Performance - Revenue from the Marketplace Platform grew by 62% year-over-year, with GMV increasing by 96% [10] - Value-added services revenue surged 4.2 times year-over-year, contributing to a Marketplace Take Rate of 9.5% [10] - e-Commerce GMV increased by 113% year-over-year, with a Take Rate of 11.3% [10] User Engagement and Transaction Activity - User engagement reached record levels, with consumers transacting 72 times per month, and payment transactions up 46% year-over-year [3] - The e-Grocery segment saw GMV growth of 99% year-over-year, with active customers reaching 639,000 [10] - Kaspi Travel's GMV increased by 33% year-over-year, with Kaspi Tours GMV rising by 644% [10] Strategic Initiatives - The company launched a brand advertising solution to enhance merchant value-added services, aiming to stimulate growth in Kazakhstan's digital advertising market [4] - Kaspi.kz is focusing on vertical-specific strategies, including e-Grocery and e-Cars, to drive innovation and growth [12] - The company plans to expand its dark store network in Almaty to meet increasing consumer demand [10] Future Outlook - The third quarter of 2024 is expected to show lower year-over-year growth due to the timing of marketing campaigns, but the company remains on track for strong full-year growth [5][10] - The Board of Directors proposed a dividend of KZT850 per ADS, subject to shareholder approval, reflecting confidence in the company's financial health [14]