Kaspi.kz JSC - ADR

Strong Financial Performance: In Q4 2024, consolidated revenue grew by 28% year-over-year (YOY), while net income increased by 28% as well. For the full year, revenue was up 32% and net income rose by 25%. The payments platform saw a 30% growth in transaction payment volume (TPV), with a net income increase of 22%, indicating robust operational efficiency and consumer engagement.

Marketplace Growth: The marketplace segment experienced substantial growth, with gross merchandise volume (GMV) increasing 39% in Q4 and 44% for the full year. The introduction of new services and enhancements, such as e-Grocery, significantly contributed to this acceleration. Notably, the e-Grocery segment grew 97% in GMV, demonstrating a strong response to market demands and an expanding consumer base.

Fintech Recovery and Outlook: The fintech sector showed promising signs of recovery, with loan origination increasing 21% in Q4 and 30% for the full year. However, it had a slower annual growth of 12% compared to expectations of 15%, largely due to rising interest rates in December. The expectation for fintech growth in 2025 is cautious, estimating that earnings growth may lag behind top-line growth due to sustained higher interest rates.