Financial Data and Key Metrics Changes - In Q4 2024, total revenue grew by 28% year-over-year, with net income also increasing by 28% [12][13] - For the full year 2024, net income grew by 25% and revenue increased by 32% [13][14] - Payments total payment volume (TPV) grew by 30% in Q4 and 40% for the full year [9][64] - Marketplace GMV grew by 39% in Q4 and 44% for the full year [68][78] - Fintech financing volumes increased by 21% in Q4 and 30% for the full year [10][80] Business Line Data and Key Metrics Changes - Payments: Revenue grew by 23% for the year, with a net income growth of 24% [66][67] - Marketplace: Revenue increased by 43% in Q4 and 64% for the full year, with net income growth of 41% [78][79] - Fintech: Revenue grew by 26% in Q4 and 25% for the full year, with net income growth of 28% in Q4 [87][89] Market Data and Key Metrics Changes - Consumer balances in wallets increased by 22% year-over-year [64] - E-commerce penetration among merchants is only 11%, indicating significant growth potential [19] - E-Grocery GMV grew by 97% and transactions increased by 84% [25][26] Company Strategy and Development Direction - The company aims to enhance its Super App model, focusing on consumer and merchant services [5][6] - Plans to expand e-Grocery services into two new cities in 2025 [28] - The acquisition of Hepsiburada is seen as a strategic move to enter the Turkish market, with expectations of leveraging its platform for growth [55][58] Management's Comments on Operating Environment and Future Outlook - The management noted a stable and predictable macro environment in Kazakhstan, with consumer trends remaining consistent [118] - There are expectations of challenges in consumer sentiment due to macroeconomic transitions, but medium-term opportunities are viewed positively [108][121] - The company anticipates that interest rates may remain high for longer, impacting fintech growth in 2025 [90] Other Important Information - The company has launched several innovative products, including gift cards and a business deposit service, which have seen strong adoption [34][44] - The delivery service has grown significantly, with 128% growth in delivered orders [36] - The company processed 1.2 trillion in payments through its POS register, with 35% of merchants using this service [40] Q&A Session Summary Question: Can you elaborate on the guidance for 2025 and the underlying growth assumptions? - The guidance for 2025 is conservative, reflecting the scale of the business and the impact of changing interest rates on fintech [100][102] Question: What are the expectations for the integration and opportunities in Turkey with Hepsiburada? - The company sees significant opportunities in Turkey, with plans to launch services and leverage Hepsiburada's existing consumer and merchant base [109][110] Question: What is the current macroeconomic outlook in Kazakhstan? - The macro environment is stable, with consistent consumer trends, although there are concerns about inflation and interest rates impacting the fintech business [118][120]
Joint Stock Company Kaspi.kz(KSPI) - 2024 Q4 - Earnings Call Transcript