The following is a summary of the Joint Stock Company Kaspi.kz (KSPI) Q3 2024 Earnings Call Transcript:
Financial Performance:
Kaspi.kz reported strong Q3 2024 results with 25% growth in net income and revenue growth of 28% year-over-year.
Key growth strategies across payment services resulted in a significantly higher total payment volume (TPV) growth rate, with a specific jump of 28%.
The fintech segment also noted robust performance with an improvement in net income by 15% year-over-year due to a optimized interest rate environment and business growth.
Business Progress:
Kaspi.kz announced the acquisition of a controlling stake in Hepsiburada, marking a crucial strategic expansion into Turkey.
The Marketplace platform saw a GMV increase of 24% year-over-year and enhanced take rates through value-added services like advertising and delivery.
New product launches aimed at improving consumer engagement included gift certificates and business deposits for merchants, showing significant adoption rates.
The e-Grocery vertical continued robust performance, particularly in three major cities with a focus on scaling efficiency and market penetration.
Opportunities:
Expected acceleration in the revenues and business capacities of the Kaspi.kz Super App, driven by consistent innovation and customer-centric service enhancements.
Expansion into the Turkish market via Hepsiburada acquisition could potentially capitalize on an e-commerce penetration rate of 16.3%, leveraging on a large base of 85 million potential consumers and creating synergy between both markets.
Risks:
Challenges related to the integration of Hepsiburada and regulatory approvals which might impact the immediate benefits from the acquisition.
Economic and competitive pressures in the Turkish market which could influence the performance and growth post-acquisition.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
