Kaspi.kz reports revenue up 34% in 9 months of 2024

Reports net income up 23% in the first 9 months of 2024. The company stated that “timing of marketing campaigns has distorted GMV growth between 2Q and 3Q. 9M 2024 is more representative of business performance”. CEO Mikheil Lomtadze said, “On October 17th, we signed a definite agreement to acquire a controlling stake in Hepsiburada, one of Turkiye’s leading e-Commerce platforms…Hepsiburada is EBITDA positive..The transaction is expected to close in Q1 2025. Turning to Kaspi.kz’s (KSPI) Q3, where we continued to execute in line with our plans, user engagement remains at record levels, with our consumers transacting 72 times per month, Payments transaction up 38% year-over-year and Marketplace purchases up 45%…Marketplace Platform GMV was up 46% year-over-year for the first nine months of the year. With the return of Juma in November, growth is expected to accelerate again compared to growth in Q3…Q4 of the year has started well and the consumer and merchant environment remains healthy. As discussed before, our Fintech Platform is now seeing its Net Income growth accelerate, with a further step up in growth expected in Q4 and our newly launched deposit account for merchants has gotten off to a great start. …For Q3 of 2024, our Board of Directors has recommended a dividend of KZT850/ADS, subject to shareholder approval”.