Financial Data and Key Metrics Changes - The company reported a consolidated revenue increase of 36% year-over-year and a net income increase of 25% [21] - Payments total payment volume (TPV) grew by 32% year-over-year, with revenue up 23% and net income up 2% [20][24] - Marketplace GMV increased by 62% year-over-year, with revenue up 96% and net income up 68% [19] - Fintech TPV grew by 43% year-over-year, with revenue up 23% and net income up 2% [20] Business Line Data and Key Metrics Changes - e-Grocery active consumers reached 639,000, with GMV nearly doubling and a 99% growth rate [7] - The marketplace is the fastest-growing segment, with significant contributions from e-commerce, which saw GMV up 113% [25][26] - The payments platform saw transaction trends up 46% in Q2 and 44% year-on-year in the first half [13] Market Data and Key Metrics Changes - The company is expanding its presence in three major cities: Almaty, Astana, and Shymkent, which account for about half of the total food retail trade in Kazakhstan [9] - The e-commerce segment is now almost half of the marketplace GMV, with strong demand driven by promotional campaigns [25] Company Strategy and Development Direction - The company is focused on diversifying its services and expanding its marketplace offerings, with a strong emphasis on supporting local merchants [5][19] - There is a strategic initiative to build additional dark stores to meet high consumer demand in the e-Grocery segment [8] - The company is exploring international expansion opportunities while being cautious to avoid negatively impacting local merchants [98] Management's Comments on Operating Environment and Future Outlook - Management anticipates a rebound in profitability for the fintech division starting in Q3, with a strong performance expected in Q4 [17][20] - The company is optimistic about the growth trajectory, with a focus on maintaining strong consumer engagement and transaction volumes [18] - Management noted that the Juma promotional events will impact growth rates, with expectations for lower growth in Q3 but a significant rebound in Q4 [31][34] Other Important Information - The company has declared a dividend of KZT850, indicating a commitment to returning excess capital to shareholders [27] - The introduction of brand advertising services is expected to enhance revenue streams and brand awareness for merchants [23] Q&A Session Summary Question: Can you clarify the fiscal year expectations and growth rates for the second half? - Management reiterated that Q3 will see lower growth due to the absence of the Juma promotional event, with a rebound expected in Q4 [31][34] Question: What is the status of international expansion efforts? - Management confirmed that they are selectively pursuing international opportunities but did not disclose specific regions or targets [46] Question: How does the company view the impact of tax increases in Kazakhstan? - Management indicated that while there are discussions about tax changes, they do not foresee a material impact on the business at this time [68][78] Question: Can you quantify the GMV contribution from Juma? - Historically, Juma has contributed about 15% to 20% of GMV in the month it occurs, but this year may differ due to seasonality [86] Question: What is the outlook for the cost of risk? - Management stated that the cost of risk remains stable, with no significant concerns for the upcoming quarters [87]
Joint Stock Company Kaspi.kz(KSPI) - 2024 Q2 - Earnings Call Transcript