Kaspi.kz (KSPI) Q2 2024 earnings summary

Executive summary

• Revenue grew 36% year-over-year in Q2 2024 to KZT599B and 38% in 1H 2024 to KZT1.2T; net income up 25% YoY in Q2 to KZT243B and 27% in 1H to KZT466B, led by strong Marketplace and Payments performance.

• Payments and Marketplace platforms contributed 68% of consolidated net income, remaining the main profit drivers.

• All platforms—Payments, Marketplace, and Fintech—delivered double-digit growth in revenue and transactions, with new services and platforms driving innovation and engagement.

• User engagement remains high, with monthly transactions per active consumer at 72 (+23% YoY) and DAU/MAU ratio at 67%.

• Diversification across Payments, Marketplace, and Fintech platforms is now more balanced in size.

Financial highlights

• Consolidated revenue reached KZT1.2T (+38% YoY) and net income KZT466B (+27% YoY) for 1H 2024.

• Payments TPV up 32% YoY to KZT8.8T in Q2; revenue up 23% YoY to KZT170B; net income up 22% YoY to KZT89B.

• Marketplace GMV up 62% YoY to KZT1.4T; revenue up 96% YoY to KZT169B; net income up 68% YoY to KZT78B.

• Fintech TFV up 43% YoY to KZT2.5T; revenue up 23% YoY to KZT307B; net income up 2% YoY to KZT76B.

• Dividend of KZT850 per GDR/ADS recommended, subject to shareholder approval.

Outlook and guidance

• Full-year 2024 guidance reiterated: consolidated revenue growth around 20% YoY, net income growth around 25% YoY.

• Marketplace revenue expected to grow ~70% YoY, net income ~40% YoY; Payments and Fintech revenue to grow ~20% YoY.

• Fintech net income growth expected to accelerate from 3Q'24 as loan growth outpaces deposits and funding costs normalize.

• Growth in H2 expected to be Q4-weighted due to promotional event phasing; lower growth in Q3 due to absence of Zhuma event, with strong rebound expected in Q4.

• International expansion remains a focus, with a selective approach to opportunities.