Q1 2025 Kaspi.kz AO Earnings Call Transcript
Key Points
- Kaspi.kz JSC (KSPI) reported strong revenue growth of 21% and net income growth of 16% year-over-year for the first quarter of 2025.
- The company's e-grocery business is expanding rapidly, with GMV up 64% and purchases up 66% year-over-year.
- Kaspi.kz JSC (KSPI) successfully raised EUR 650 million through its first Eurobond issuance, strengthening its financial position.
- The company launched new high-interest deposit products, attracting 84,000 consumers and KZT 379 billion in deposits.
- Kaspi.kz JSC (KSPI) is planning international expansion, including a strategic investment in Turkey with the acquisition of Rabobank.
- The introduction of smartphone registration requirements in Kazakhstan negatively impacted demand, affecting GMV growth.
- High interest rates in Kazakhstan are a significant drag on earnings, increasing funding costs for the company.
- The Kazakh government is expected to introduce a 10% tax on revenue from investments, impacting net income.
- Macro uncertainty, including lower oil prices and currency volatility, could affect high-ticket discretionary transactions.
- The company's guidance for GMV growth was revised down to 15%-20% from the previous 25%-30% due to smartphone registration and macroeconomic factors.
First quarter 2025 financial results. (Operator Instructions) I will now hand you over to David Ferguson, Head of Investor Relations at Kaspi.kz to begin. David, please go ahead.
Great. Thank you, Maxine. Good afternoon, good morning to everyone. Thanks a lot for joining us for our first quarter 2025 financial results. I'm David Ferguson. I'm joined, as usual, by Mikheil Lomtadze, our CEO and Co-Founder; Yuri Didenko and Tengiz Mosidze, our deputy CFOs -- deputy CEOs, sorry.
So Mikheil will take you through the strategic update. I'll run you through the operational performance in the first quarter. I'll do that quickly and then spend a bit more time on the guidance for the remainder of the year. There's a couple of moving parts to discuss, and then we'll open up the call for Q&A. So on that note, I'll hand it over to Mikheil.
Mikheil, over to you. Thank you.
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