Kaspi.kz's Q4 2024: Diverging Strategies on Hepsiburada Acquisition, Dividends, and Market Expansion

These are the key contradictions discussed in Joint Stock Company Kaspi.kz's latest 2024Q4 earnings call, specifically including: Hepsiburada acquisition strategy and influence, dividend payment plans, macroeconomic environment in Kazakhstan, margin expansion in Hepsiburada, and international expansion:



Strong Financial Performance:
- Kaspi.kz reported a 28% revenue growth for Q4 2024 and a 25% net income growth for the year.
- This growth was driven by strong performance in the payments platform, marketplace, and fintech business, with particular contributions from fintech earnings growth in the final quarter of the year.

Marketplace and E-Commerce Expansion:
- The marketplace platform showed a 39% GMV growth in Q4 and a 44% increase for the full year, with e-Commerce growing faster than m-Commerce.
- Growth was driven by promotions and increased adoption of e-Grocery services, as well as strong performance in new verticals like e-Cars and travel.

Fintech and Payment Platform Stability:
- Fintech earnings experienced strong growth with a 28% increase in Q4 and 12% for the full year, despite yield dilution from product mix changes.
- The stability in f