Core Insights - Kaspi.kz reported a 25% year-over-year increase in net income for FY 2024, with revenue rising by 32% YoY, aligning with initial guidance [2][3] - The company experienced significant growth in its Marketplace and Payments platforms, which contributed to 69% of FY 2024 consolidated net income, up from 66% in FY 2023 [2][3] Financial Performance - In 4Q 2024, revenue and net income both increased by 28% YoY, with Marketplace GMV growth accelerating [2] - e-Commerce GMV surged by 67% and 85% YoY in 4Q and FY 2024, respectively, indicating strong demand [2] - Payments transactions rose by 33% and 40% YoY in 4Q and FY 2024, respectively, reflecting robust growth in this segment [2][11] Marketplace Growth - Marketplace purchases increased by 48% and 42% YoY in 4Q and FY 2024, respectively, showcasing the platform's rapid expansion [2] - Kaspi Delivery orders reached 99 million in FY 2024, up 128% YoY, with Kaspi Postomats accounting for over 50% of e-Commerce deliveries [2] Product Innovation - The launch of Digital Gift Cards in 4Q 2024 aims to enhance Super App engagement and drive Marketplace transactions [2] - New services such as Buy-Inventory-Now-Pay-Later (BINPL) for merchants were introduced, providing additional incentives for merchants to engage with the platform [2][9] Strategic Initiatives - The acquisition of a 65.41% stake in Hepsiburada is expected to significantly expand Kaspi.kz's addressable market and growth potential in Türkiye [11] - The company aims to leverage its Super App expertise to develop digital products in Türkiye, despite current economic challenges [6] Outlook - For 2025, Kaspi.kz anticipates a net income growth of around 20% YoY, excluding the impact from its business in Türkiye [10][11] - The company remains optimistic about its growth trajectory, particularly in the e-Commerce sector, which is viewed as a major opportunity for the future [8]
Kaspi.kz 4Q and FY 2024 Financial Results