Kaspi.kz Beats Q1 Estimates with $2.25B Revenue and 41% GMV Growth
Kaspi.kz posted Q1 EPS of $2.60 versus $2.59 estimate with revenue of $2.25 billion beating the $2.15 billion forecast, driving adjusted EBITDA up 9%. E-commerce GMV surged 41% with a 43% rise in orders, while the board recommended a dividend of KZT 850 and trailing P/E stands at 7.15.
1. Q1 Financial Results
Kaspi.kz delivered Q1 EPS of $2.60 versus the $2.59 estimate and reported revenue of $2.25 billion, surpassing analysts’ $2.15 billion forecast.
2. E-commerce Growth
The platform’s e-commerce division drove 41% growth in gross merchandise volume and a 43% increase in order count year-over-year, underpinned by increased consumer adoption and marketplace expansion.
3. Profitability & Dividend
Adjusted EBITDA rose 9% as higher funding costs were offset by operational efficiencies, and the board recommended a dividend of KZT 850 per share, representing a 64% payout ratio.
4. International Expansion
Kaspi.kz is extending its super app model into new regions, including its investment in Turkey’s Hepsiburada platform, aiming to capture cross-border e-commerce and fintech opportunities.