Q2 2024 Kaspi.kz AO Earnings Call Transcript
Key Points
- Kaspi.kz JSC (KSPI) reported strong growth across all business segments, with payments TPV up 32% year-over-year, revenue up 23%, and net income up 22%.
- The marketplace segment showed remarkable performance, with GMV up 62% year-over-year, revenue up 96%, and net income up 68%.
- The fintech segment also grew significantly, with TFV up 43% year-over-year, revenue up 23%, and net income up 2%.
- The company’s e-grocery business saw a 99% growth in GMV and reached 639,000 active consumers, indicating strong demand and successful execution.
- Kaspi.kz JSC (KSPI) introduced new services like vacation packages, which grew by 644% year-over-year, enhancing the company's take rate and diversifying its revenue streams.
- The company anticipates a deceleration in growth for the third quarter due to the absence of the Juma promotional event, which will impact GMV and profitability.
- The fintech segment's yield is lower due to the growing share of BNPL and merchant financing within the mix, which could affect overall profitability.
- Interest rates have been volatile, impacting the deposit base and fintech profitability, with full repricing expected to take 12 months.
- The company faces regulatory changes, including potential tax increases and new rules on BNPL, which could impact future operations and profitability.
- The cost of risk showed a slight increase, with annualized figures at 2.45%, raising concerns about asset quality and potential future defaults.
Hello, and welcome to the Kaspi.kz second quarter first half financial results conference call. My name is Elliot, and I'll be your coordinator today. (Operator Instructions) I'd like to turn the call over to David Ferguson. Please go ahead.
Thanks, Elliot. Good afternoon, good morning, everybody. I'm David Ferguson from Kaspi, welcome to our 2Q first half 2024 financial results. As usual, joining me on the call, I have our CEO and Co-Founder, Mikheil Lomtadze; our CFO, Tengiz Mosidze; and our Head of Capital Markets, Yuri Didenko;
Standard sort of procedure for the call. Mikheil will take you through the strategic product updates. I'll run you quickly through the financials and guidance for the remainder of the year, then we'll open the call up to Q&A.
So on that note, handing over to Mikheil. Over to you.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
