Joint Stock Company Kaspi.kz reported a robust 31% year-over-year increase in consolidated revenue, driven by significant growth in its e-commerce and fintech segments. The company’s adjusted EBITDA rose 9%, reflecting profitable expansion despite a flat net income impacted by higher funding costs and costs of goods sold (COGS) from the recent Hepsiburada acquisition. Notably, the e-commerce segment saw a 41% increase in gross merchandise value (GMV) and a 44% rise in purchase frequency, underscoring a strong consumer engagement.
This performance highlights the ongoing shift in consumer behavior towards online shopping, particularly in Kazakhstan and Turkey, where half of the e-commerce GMV now originates. The significant growth in value-added services, such as advertising and delivery, which surged 73% year-over-year, further enhances monetization opportunities for Kaspi.kz. Despite challenges in the payments segment due to take rate compression, the company maintained its full-year guidance for GMV and total payment volume (TPV) growth.
For market professionals, Kaspi.kz’s results signal a strong trajectory in e-commerce and fintech, indicating potential for sustained revenue growth and profitability as the company leverages its diversified offerings and geographic expansion.
Source: fool.com