JSC Kaspi.kz Announces 4Q & FY 2023 Financial Results

ALMATY, KAZAKHSTAN / ACCESSWIRE / February 26, 2024 / Joint Stock Company Kaspi.kz ("Kaspi.kz", "we", or the "Company") (Nasdaq:KSPI). which operates the Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants, published its unaudited consolidated IFRS financial results for the quarter and fiscal year ended 31 December 2023 ("4Q 2023" and "FY 2023," respectively).

4Q 2023 & FY 2023 Highlights

· Strong financial momentum in 4Q 2023 with revenue and net income up 45% and 32% year-over-year ("YoY"), respectively. FY 2023 consolidated revenue and net income up 51% and 44% YoY, respectively. FY 2023 consolidated diluted EPS up 45% YoY.

· Our faster growing and more profitable Payments and Marketplace Platforms continued to deliver strong bottom-line growth, accounting for 66% of FY 2023 consolidated net income. We expect Payments and Marketplace Platforms to continue growing at a faster rate than our Fintech Platform.

· With a large and engaged consumer and merchant base, our focus in FY 2023 was to continue driving transaction growth:

· Average monthly transactions per active consumer reached a record high of 71.

· TPV transactions & GMV purchases both up 38% YoY.

· Kaspi.kz Super App user engagement increased again in 4Q 2023, with daily engagement reaching 65%, amongst the highest of any major mobile app globally.

· All Platforms outperformed the guidance we provided in mid-2023, led by Marketplace with GMV and revenue in FY 2023 up 45% and 87% YoY respectively:

· Marketplace net income in FY 2023 up 63% YoY despite rapid growth of 1P e-Grocery.

· Within Marketplace, e-Commerce continued to deliver the stand-out performance in FY 2023:

· e-Commerce GMV up 53% YoY.

· Revenue from delivery and advertising valued added services up 2.7x YoY. In 2024 value-added services will remain a strategic priority.

· e-Commerce Take Rate up 160 bps YoY to 11%.

· Kaspi Delivery and Kaspi Advertising added 190 bps to e-Commerce Take-Rate.

· Kaspi Smart Logistics experienced a 130% YoY increase in orders delivered.

· 5,943 Kaspi Postomats rolled out, accounting for 39% of deliveries.

· Kaspi Postomats are a major competitive advantage and we're now planning for around 7,000 by the end of 2024.

· e-Grocery top- & bottom-line remained strong:

· e-Grocery GMV up 3.5x YoY in FY 2023.

· In Almaty, our launch city, 10% of the total population purchased groceries from us in 4Q 2023.