Q4 2024 Kaspi.kz AO Earnings Call Transcript

Feb 24, 2025 / 12:00PM GMT

Release Date Price: $103 (+0.83%)

Transcript

Key Points

Positve

Kaspi.kz JSC (KSPI) reported strong growth across all platforms, with payments TPV growing 30% and marketplace GMV increasing by 39% in Q4 2024.
The company's fintech business showed significant improvement, with financing volumes growing 21% and net income increasing by 28% in Q4 2024.
Kaspi.kz JSC (KSPI) continues to diversify its revenue streams, with a balanced contribution from payments, marketplace, and fintech platforms.
The e-Grocery segment demonstrated impressive growth, with GMV increasing by 97% and transactions by 84% in 2024.
Kaspi.kz JSC (KSPI) successfully launched new products like gift cards and business deposits, which have been well-received by consumers and merchants.

Negative

The company's fintech revenue growth was slower than expected, with a 12% increase for the full year, partly due to rising interest rates in December.
Kaspi.kz JSC (KSPI) faces challenges in maintaining fintech margins due to yield dilution and higher interest rates.
The geopolitical environment in Kazakhstan and regional conflicts could impact investor perception and economic stability.
Currency volatility remains a concern, with the tenge weaker against the dollar, affecting financial results in dollar terms.
The integration and strategic direction of Hepsiburada, a recent acquisition, remain uncertain, with potential challenges in aligning operations and management.

Operator

Welcome, everyone, to the Kasp 4Q and full-year '24 financial results webinar. My name is Breka, and I will be your coordinator today. (Operator Instructions)

I would now like to hand the call over to David Ferguson from Kaspi to begin today's presentation. Please go ahead, David.

David Ferguson;Mikheil Lomtadze

Kaspi.kz AO - Managing Director, Head of Investor Relations;Kaspi.kz AO - Chief Executive Officer, Co-Founder, Member of the Management Board, Director, Chief Ecosystem

Okay. Thanks, Breka. Good morning, good afternoon, everyone. Thank you for joining us today. It's our fourth quarter and full-year 2024 financial results. I'm David Ferguson from Kaspi. Joining me on the call are CEO and Co-Founder, Mikheil Lomtadze; our Deputy CEOs, Tengiz Mosidze and Yuri Didenko. Standard format for the call, Mikheil will run you through strategic update of 2024. I'll run you through the financials. We'll open the call up to Q&A. The whole team is available to participate.

So on that note, over to you, Mikheil.

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