Kaspi.kz JSC Sponsored ADR RegS ( (KSPI) ) has released its Q2 earnings. Here is a breakdown of the information Kaspi.kz JSC Sponsored ADR RegS presented to its investors.
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Kaspi.kz JSC is a Kazakhstan-based company that operates the Kaspi.kz and Kaspi Pay Super Apps, providing services in payments, marketplace, and fintech sectors. It also holds a significant stake in the Turkish e-commerce company Hepsiburada.
In its latest earnings report for the second quarter and first half of 2025, Kaspi.kz reported a 20% year-over-year increase in revenue and a 14% rise in net income for the second quarter, with similar growth trends for the first half of the year. The company highlighted strong customer engagement and significant growth in its payments, marketplace, and fintech platforms.
Key financial metrics revealed that the Payments Platform saw a 16% increase in revenue and a 19% rise in net income year-over-year for the first half of 2025. The Marketplace Platform also performed well, with revenue growth significantly outpacing GMV growth, driven by the success of Kaspi Delivery, Advertising, and Classifieds. The Fintech Platform experienced a 19% increase in revenue, although net income growth was tempered by higher deposit costs.
Looking ahead, Kaspi.kz management remains optimistic about achieving a 15% consolidated net income growth for 2025, excluding Türkiye. The company plans to balance capital returns to shareholders with investments in long-term growth, particularly in expanding its international presence, including the anticipated acquisition of Rabobank A.Ş in Türkiye.