Kaspi.kz Posts Strong First Quarter Results Amidst Market Volatility
Kazakhstan's leading e-commerce platform, Kaspi.kz, has reported impressive financial results for its first quarter of 2025, despite facing challenges in the market. The company's payments business saw a significant growth, with revenues increasing by 16% and net income rising by 21%. Similarly, the marketplace grew at an impressive rate, with revenue up 20% year-over-year and net income reaching 19%, according to Mikheil Lomtadze, CEO and Co-Founder of Kaspi.kz.
The fintech origination volumes also experienced a growth of 17%, coupled with an 8% increase in revenue and a 19% increase in net income. The company's monthly transactions have been strong, and its consumer base remains highly engaged, driving a 21% increase in revenue and a 16% rise in net income.
The e-grocery business, which Kaspi.kz has invested heavily in, saw a significant growth as well. With the active consumers reaching almost 1 million, the gross merchandise value (GMV) increased by 64% year-over-year. The company made over 3.3 million purchases in the first quarter and operates in three major cities, with plans to expand into two more.
Kaspi.kz's innovative approach to consumer deposits has also been successful, with the introduction of higher interest deposit products. The company reported an impressive growth in deposits, from almost nothing to over 84,000 consumers, with a total value of almost EUR 379 billion. This product has been highly successful and aligns with the company's strategy of acquiring and retaining loyal customers.
In a high-interest environment, Kaspi.kz is leveraging this opportunity to increase profitability. By introducing higher interest deposit products and upgrading existing ones, the company aims to benefit from the changing market conditions. The CEO emphasized that once interest rates go down, there will be additional opportunities for profitability, further solidifying the company's position in the market.
Overall, Kaspi.kz has demonstrated its resilience and adaptability in a volatile market, reporting strong financial results across various business segments. With its continued focus on innovation and customer-centric approach, the company remains poised for further growth and success.
