Kaspi.kz reports Q1 revenue up 21% year-over-year

Customer engagement strong with Monthly Transactions per Active Consumer reaching 75. The company said, “In March new requirements to register imported smartphones were introduced in Kazakhstan. This temporarily reduced demand on our Marketplace and resulted in around 7% lower e-Commerce GMV growth during the first quarter. Weaker demand for smartphones is likely to remain a near-term theme, while increased macro-economic uncertainty in recent weeks gives us slightly less visibility around demand for some large ticket, discretionary Marketplace categories including cars and consumer electronics. Interest rate hikes are expected to make deposit costs higher and we believe a new 10% tax on revenue coming from investments in government securities is likely to be introduced this year.”