TIDMKSPI
RNS Number : 6547Q
JSC Kaspi.kz
01 March 2021
Kaspi.kz Announces Fourth Quarter and Full-Year 2020 Financial
Results
Almaty, Kazakhstan, 1 March 2021 - JSC Kaspi.kz ("Kaspi.kz",
"we", or the "Company") which operates the Kaspi.kz Super App,
Kazakhstan's leading mobile Super App, today publishes its audited
consolidated IFRS financial results for the fourth quarter and full
year ending 31 December, 2020.
Key highlights
-- Super App MAU up 59% to 9.1 million, DAU up 155% to 4.9
million. Average monthly transactions per active consumer increased
1.9x to reach a record 28.0 transactions.
-- Adj. 2020 net income of KZT274,318 million [1] ahead of
November 2020 guidance of 'around KZT270 billion'. Every IPO KPI
delivered upon or exceeded.
-- In 2020 we have had an even greater strategic focus on
innovation for merchants than ever before. Kaspi Pay PoS Solutions
has emerged as a breakout product. 38% of all Kaspi Gold in-store
PoS transactions migrated to Kaspi Pay in December 2020.
-- Kaspi QR Scan & Pay reached 64% of all acquiring
transactions on Kaspi Pay PoS devices due to remarkable adoption of
QR payments by both consumers and merchants.
-- In the fourth quarter of 2020 share of adj. net income coming
from our Payments and Marketplace Platforms reached 46%.
-- Proposed dividend of around KZT171 billion to be paid in
April 2021, subject to shareholder approval.
-- User and financial momentum since the start of the current
year has been strong and for full-year 2021 we expect adj. net
income to be around KZT410 billion.
-- In 2021 we expect the majority of net income to come from
faster growing Payments and Marketplace Platforms.
Mikhail Lomtadze, Kaspi.kz CEO and co-founder, commented:
"In 2020 user momentum at Kaspi.kz remained phenomenal, with
every one of our platforms either delivering upon or exceeding the
detailed KPI's we set out during our IPO. In turn this resulted in
another set of excellent financial results, with adjusted net
income of KZT274 billion above guidance of around KZT270 billion
that we communicated last November. In addition, I'm delighted that
our Board of Directors has proposed a dividend of around KZT171
billion.
Despite the unpredictable backdrop, 2020 was another year in
which Kaspi.kz continued to transform rapidly in order to meet the
digital needs of consumers and merchants in Kazakhstan. During the
year Super App MAU increased to 9.1 million, up significantly from
5.7 million in 2019, with engagement levels once again hitting
record highs. DAU increased to 4.9 million, an increase of more
than 150% year-over-year. Our earnings mix also continued to
diversify quickly during the year, with 46% of adj. net income now
from our Payments and Marketplace Platforms, up from 28% in the
first quarter of 2020. Full year 2020 adj. net income growth of 43%
year-over-year, a net income margin of 43% and substantial cash
return to shareholders demonstrates that our business model can
deliver not only growth at scale but do so in a way that is highly
profitable and cash generative.
Kaspi.kz's success is a direct result of our unrelenting focus
on high quality digital innovation and in 2020 we released more
product than ever before. Kaspi QR Scan & Pay, Kaspi Travel and
a range of in-app government services were some of our most
important consumer targeted products launched last year. However,
2020 was also pivotal for the Kaspi Ecosystem, with an even greater
strategic focus on innovation for merchants. Kaspi Pay PoS
Solutions has emerged as a breakout product, accounting for 38% of
all Kaspi Gold in-store PoS transactions in December 2020 despite
having only been launched earlier in the year, with Kaspi QR Scan
& Pay accounting for a majority of acquiring transactions on
our devices. Rapid take-up of Kaspi Pay led to an 182%
year-over-year increase in Payments Platform merchants during the
quarter ending 31 December 2020 and the real benefit of this will
be magnified in 2021 as new merchants shift a growing share of
their payment volumes to Kaspi Pay.
Digitalisation is a multi-year structural growth opportunity and
we're in it for the long run. The combination of scale with both
consumers and merchants, joined by our own proprietary network puts
Kaspi.kz in a completely unique position. With this in mind we will
maintain a singular focus on continuing to expand our ecosystem by
making new innovative digital products evermore discoverable
through the Kaspi.kz Super App.
In 2021 our no.1 goal is to accelerate the adoption of Kaspi Pay
and Kaspi QR. We are also developing new digital tools to enable
our Marketplace to significantly expand the breadth and depth of
its merchant proposition. By working hand-in-hand with merchants,
we will accelerate their growth, create value for consumers and
continue to play a leading role in Kazakhstan's digital
transformation. For shareholders the result should be accelerating
top-line growth and increasing profitability, with the businesses
cash generation capacity as strong as ever.
We have started 2021 with more reasons for consumers and
merchants to use the Kaspi.kz Ecosystem than has been the case
previously. User and financial trends remain strong and for the
first time ever, we now expect that this year the majority of our
adj. net income will come from our faster growing Payments and
Marketplace Platforms.
We have many plans to continue building on our success and
remain extremely optimistic about the future. Taking this all into
account we currently expect adj. net income of around KZT410
billion in 2021".
Kaspi.kz Super App user and engagement levels reached all-time
highs
MAU up 59% to 9.1 million, DAU up 155% to 4.9 million, avg. 28
transactions per consumer/month
Kaspi.kz's Super App serves as single gateway to our Ecosystem
and gives our Payments, Marketplace and Fintech Platforms leading
market positions and unrivalled competitive advantages. During the
fourth quarter of 2020, Super App user and engagement levels
reached all-time highs. Kaspi.kz Super App MAU (Monthly Active
Users) increased by 59% year-over-year during the quarter ending 31
December 2020 to reach 9.1 million.
Highly discoverable digital products and services ensure the
Kaspi.kz Super App becomes ever more integral to consumers' daily
lives. DAU (Daily Active Users) increased 155% year-over-year, a
substantially faster rate than MAU. The ratio of DAU to MAU reached
54%, up from 33% during the quarter ending 31 December 2019, which
is amongst the highest levels of user engagement of any leading
Super App globally.
Engagement is closely tied to one of our most important
strategic objectives, namely, to facilitate digital transactions
across all areas of the typical household budget. Average monthly
transactions per active consumer increased by 89% year-over-year to
28.0 from 14.8 for the quarter ending 31 December 2019.
Kaspi.kz is now almost entirely a mobile app only Ecosystem,
with 92% of transactions taking place through our Super App in
December 2020, compared to 80% in December 2019.
We launched our merchant focused Kaspi Pay Super App in summer
2020 and have been rapidly onboarding merchants during the second
half of 2020. By December 2020 Kaspi Pay accounted for 38% of Kaspi
Gold in-store PoS transactions in Kazakhstan, which is a dramatic
shift in the country's acquiring landscape and perfectly
illustrates the disruptive power of the Kaspi.kz Ecosystem. On
Kaspi Pay, our consumers have quickly embraced Kaspi QR Scan &
Pay which accounted for 64% of transactions in December 2020.
Kaspi.kz 4Q & full-year 2020 financial highlights
Payments and Marketplace accounted for 46% of adj. net income in
4Q20
During the fourth quarter of 2020, total revenue demonstrated
20% year-over-year growth to reach KZT180,578 million. For the
twelve months ending 31 December 2020 revenue reached KZT641,437
million [2] , equivalent to adj. 26% year-over-year growth.
Top-line growth was powered by our Payments Platform which
delivered high and consistent growth throughout the year,
e-Commerce within Marketplace and in the second half of the year
improving trends in our m-Commerce segment as street retail
continued to reopen.
For the quarter ending 31 December 2020, adj. net income
increased 44% year-over-year to KZT89,935 million. For the twelve
months ending 31 December 2020 adj. net income reached KZT274,318
million, equivalent to 43% year-over-year growth. [3]
Adj. net income margin increased to 49.8% from 41.3% for the
quarter ending 31 December 2019 and increased to 42.8% from 37.5%
for the twelve months ending 31 December 2019. Our profitability
has benefitted from material cost savings as we have transitioned
payment volumes away from third-party network providers to our own
proprietary payments network, improving cost of risk year-over-year
and the operating leverage inherent in our business model.
Our net income mix continues to transform rapidly and for the
quarter ending 31 December 2020 our faster growing Payments and
Marketplace Platforms accounted for 46% of net income. For the
twelve months ending 31 December 2020 Payments and Marketplace
Platforms accounted for 37% of consolidated net income, up from 29%
in the same period in 2019.
In 2020 our cash generation capacity remained as strong as ever.
As has been the case in previous years we seek to maintain a 50bps
buffer above local NBK capital adequacy requirements but thereafter
are committed to returning excess cash to shareholders. Our Board
of Directors has proposed a first dividend of KZT171billion in 2021
to be paid in April, subject to shareholder approval. This follows
two dividend payments totaling KZT175 billion paid in 2020.
2020 guidance exceeded
2020 adj. net income of KZT274bn above guidance of 'around
KZT270bn'
In 2020 user momentum remained strong and every one of our
platforms either delivered upon or exceeded the detailed KPI's we
set out during our IPO. In turn this resulted in adj. net income of
KZT274,318 million, above guidance of 'around KZT270bn' that we
communicated at our third quarter results in November, which in
turn was above the guidance we provided at first half financial
results just prior to the launch of our IPO.
Payments Platform
TPV up 177% YoY, revenue up 82% & adj. net income up 126% in
2020
Our Payments Platform has always offered consumers a highly
convenient way to shop, pay bills and make P2P payments via the
Kaspi.kz Super App. As has been the case globally, COVID-19 has
accelerated consumer adoption of contactless mobile payments and
our focus now is on helping consumers and merchants emerge stronger
from the pandemic. We continue to scale at a rapid rate with Kaspi
Pay emerging as major disruptive force, becoming the digital
payments platform of choice for all types of merchants in
Kazakhstan.
Our Payments Platform is amongst our most important means to
attract new consumers into the Kaspi.kz Ecosystem and increase
engagement. Despite being the largest of our platforms by number of
active consumers, Payments Platform consumer growth remained
strong, up 58% year-over-year reaching 7.8 million active consumers
in the final quarter of 2020.
Throughout 2020 payments volume growth remained rapid and
resilient to changes in the economic backdrop. During the quarter
ending 31 December 2020 Total Payment Value (TPV) increased by 161%
year- over-year reaching KZT8.7 trillion. Revenue Generating TPV
(RTPV) increased by 78% over the same period to reach KZT2.1
trillion, with strong and consistent trends across all our payments
products. Cohort analysis illustrates that RTPV per consumer has
increased 13.8x over 4 years and that both new and older consumers
continue to see strong RTPV growth. With 86% of Payments Platform
consumers coming from our 2018, 2019 and 2020 cohorts we expect
strong RTPV growth into the mid-term.
Payments Platform revenue increased by 69% year-over-year
reaching KZT38,317 million during the quarter ending 31 December
2020 and 82% year-over-year to KZT120,923 million for the twelve
months ending 31 December 2020. Take-rate in 2020 remained stable
year-over-year at 1.3%.
For the quarter ending 31 December 2020 Payments Platform adj.
net income increased by 105% year-over-year to KZT21,341 million
and for the twelve months ending 31 December Payments adj. net
income increased 126% year-over-year to KZT63,004 million, with net
income profitability of 52.1% up significantly from 42.0% in 2019.
Payments Platform profitability continues to benefit from cost
savings as we transition payment volumes away from third-party
network providers to our own proprietary payments network, combined
with the platforms inherent operating leverage.
By creating our own closed-loop proprietary payments network,
eliminating the need for 3 rd party processors and payment
networks, our Payments Platform enables us to offer a complete
end-to-end customer experience. This unique and disruptive
proposition, that combines consumers and merchants at scale, led
Kaspi Pay PoS Solutions in-store acquiring to reach 38% of all
Kaspi Gold PoS transactions in December 2020, up from 4 % in
January 2020.
In the quarter ending 31 December 2020, the success of Kaspi Pay
helped us accelerate merchant onboarding, up 182% year-over-year to
48.1K merchants. The real benefit of this will be seen in 2021 as
new merchants shift a growing share of their volumes to Kaspi
Pay.
In 2021 we will aggressively ramp-up merchant onboarding even
further and expect this to 1) drive substantial growth in RTPV per
consumer, 2) a more diverse mix of Payments Platform revenue
streams and 3) higher profitability as our own proprietary network
disintermediates third party costs. With Kaspi Pay less than a year
into its journey, we remain extremely positive about the outlook
for our Payments Platform in 2021 and beyond.
Marketplace Platform
e-Commerce GMV up 106% YoY & take-rate up 60bps in 2020
Our Marketplace Platform connects both online and offline
merchants with consumers, enabling merchants to increase their
sales and consumers to buy a broad selection of products and
services from a wide range of merchants. COVID-19 related
restrictions on the operation of physical retail have led to
significant changes in the shopping behaviour of consumers, and our
Marketplace Platform with its leading market share in e-commerce
and Kaspi Delivery solution has been perfectly positioned to meet
shoppers and merchants rapidly evolving needs. As street retail
opens up, our advantage is a single brand experience, irrespective
of whether online or offline.
In 2020 Marketplace continued its rapid evolution in line with
our strategic plan, namely; e-Commerce accounted for 46% of GMV in
full-year 2020, up from 29% in 2019 and 94% of GMV was originated
through the Kaspi.kz Super App up from 79% in the fourth quarter of
2019. Our merchant base, which is ultimately one of the most
important drivers of consumer engagement, reached 32.1K in the
quarter ending 31 December 2020, up 47% year-over-year. Cohort
analysis suggest that GMV per consumer grows as product selection
increases, with cohorts seeing a 2.2x increase in GMV/per consumer
over 4 years. With 50% of Marketplace Platform consumers coming
from our 2018, 2019 and 2020 cohorts, we continue to see very high
GMV growth potential in to the mid-term.
Total Marketplace GMV reached KZT341 billion, representing an
increase of 38% year-over-year for the quarter ending 31 December
2020. The growth of our GMV was driven by e-Commerce. During the
fourth quarter of 2020, E-commerce Gross Merchandize Value (GMV)
growth remained elevated at 77% year-over-year. M-commerce, our
solution to digitalize shopping at offline merchants, experienced
accelerating GMV growth to 57% year-over-year as street retail
continued to reopen. However, Marketplace growth was slower when
compared with 3Q 2020 due to the absence of our major promotional
event Kaspi Juma in November 2020. In 4Q 2019 Juma accounted for
24% of Marketplace GMV and normalising for its absence, Marketplace
GMV growth was 83% year-over-year in the quarter ending 31 December
2020, with growth of 184% and 84% from our e-Commerce and
m-Commerce products respectively.
An 80bps year-over-year increase in take-rate to 8.8% in the
quarter ending December 31 2020 resulted in Marketplace revenue
growing faster than GMV and increasing 55% year-over-year to
KZT30,806 million. For the twelve months ending 31 December 2020
Marketplace take-rate increased 60bps to 7.7% and revenue increased
47% year-over-year to KZT65,977 million. High take-rate categories
that grew quickly in 2020 included home, garden & furniture,
supermarkets and auto accessories.
For the quarter ending 31 December 2020 adj. net income reached
KZT19,897 million, representing a 54% increase year-over-year with
4Q20 net income profitability stable at 64.6% compared with 65.1%
in the quarter ending 31 December 2019. For the twelve months
ending 31 December 2020 Marketplace adj. net income increased 40%
year-over-year to KZT39,581 million, with net income profitability
of 60% and broadly flat year-over-year despite substantial
investments into our delivery offering, especially during
'lock-down'. In the quarter ending 31 December 2020 Kaspi Delivery
was available in 73 cities, up from 54 in the previous year.
Delivery volumes, whether delivered by Kaspi or merchants
themselves, increased 142% year-over-year in the final quarter of
2020.
Going forward, we believe the addition of new merchants and a
higher number of SKU's is one of the most important drivers of
GMV/consumer and our long-term competitive advantage. In this
regard, we see a substantial opportunity to accelerate merchant
onboarding and are prioritising the development of innovative
digital tools for merchants. With an enhanced merchant offering we
expect to see a significant acceleration in Marketplace GMV growth
in 2021.
Fintech Platform
TFV up 12% YoY in 4Q20; revenue up 14% & adj. net income up
27% YoY in 2020
Buy-now-pay-later reached 47% of origination in 4Q20 becoming
our largest Fintech product
During the fourth quarter of 2020 Total Finance Value (TFV)
returned to growth, increasing 12% year-over-year to KZT693
billion, in sharp contrast to the 14% and 62% declines in the third
and second quarters of 2020 respectively. The short-term nature of
all our financing and more specifically buy- now-pay-later (BNPL)
products allows us to quickly ramp-up or scale back origination as
we observe changes in the consumer environment. With this in mind
monthly origination since September has been above pre-COVID-19
levels and TFV in December 2020 was the highest month of the
year.
Our average net loan portfolio increased by 7% year-over-year,
reaching KZT1.3 trillion for the quarter ending 31 December 2020.
Overall loan portfolio growth despite a 9% year-over-year decline
in origination reflects lower levels of early repayments than was
the case prior to the start of the pandemic. However, with the
consumer backdrop continuing to improve and our increased focus on
short duration & low ticket BNPL origination we expect a
significant uptick in portfolio conversion in 2021.
Yield increased to 32.6% from 32.2% during the year ending 31
December 2019 but declined to 31.5% in the fourth quarter of 2020
from 32.5% in the fourth quarter of 2019. Lower yield in the fourth
quarter of 2020 reflected changes in the product mix, with general
purpose consumer loans accounting for a lower share of TFV. Buy Now
Pay Later accounted for 47% of origination in the final quarter of
2020, up from 39% in the final quarter of 2019 and our new Merchant
and Micro Business Finance products accounted for 4% of TFV in
4Q20.
Our consumers enjoy the simplicity and convenience of BNPL and
for our merchants BNPL is a highly effective tool to drive higher
conversion and sales. As a result, we will continue strategically
prioritising BNPL in 2021 and although this will mean a slightly
lower Fintech yield, we expect this to be more than offset by the
benefits of higher Marketplace transactions and GMV.
Fintech Platform active lending consumers reached 3.6 million
during the quarter ending 31 December 2020, equivalent to an
increase of 7% year-on-year. Growth in new active consumers is at a
slower rate than in our Payments and Marketplace Platforms which in
part reflected our more cautious approach to new lending for most
of 2020. Active deposit consumers however increased 33%
year-over-year as consumers increasingly transfer funds into the
Kaspi.kz Ecosystem, fueling growth in our Payments and Marketplace
Platforms and leaving us well positioned to fund higher TFV
origination in 2021.
During the quarter ending 31 December 2020 our underlying credit
related cost of risk improved to 1.8% from 2.6% in the final
quarter of 2019. A 3.7% positive reversal for macro factors,
resulted in a negative net cost of risk of 1.9% during the quarter.
Improving cost of risk reflects the strength of our data driven
real time risk management capabilities, which enable us to quickly
adjust origination to reflect the changing economic reality, as
well as our continuous efforts to improve the success of our
collection processes. The reversal of macro factor adjustments made
in the first half of 2020, reflects better than forecast economic
trends and our excellent results collecting loans, delinquent more
than 90 days. Consumer behaviour largely normalised and became more
predictable in the final quarter of 2020 and this will likely
continue to have positive implications for our cost of risk in
2021, which we target to be below 3%.
Fintech Platform revenue increased by 3% year-over-year reaching
KZT111,454 million during the quarter ending 31 December 2020. For
the twelve months ending December 2020 adj. revenue increased 14%
year-over-year to KZT454,537 million. Slower top-line growth during
the fourth quarter reflects lower levels of origination from April
2020 but will accelerate in 2021 as higher TFV origination since
September contributes to revenue this year.
In the fourth quarter of 2020, our Fintech Platform's adj. net
income increased by 25% year-over- year reaching net income of
KZT48,697 million, with adj. net income margin reaching 43.7% from
36.0% in the quarter ending 31 December 2019. For the twelve months
ending December 2020 adj. net income increased 27% year-over-year
to KZT171,733 million with adj. net income margin reaching 37.8%
from 33.9% in 2019. Improving profitability reflected favourable
cost of risk trends and slightly higher yields year-over-year,
combined with our increasing scalability as TFV origination has
become almost entirely Super App only.
Fintech Return on Equity [4] reached 70.8% for the year ending
31 December 2020, up from 68.2% for the same period in 2019.
Assuming a more predictable macro-backdrop in 2021, we expect a
substantial acceleration in TFV origination. Although we will
continue to prioritise our BNPL product, approximately 10% of TFV
growth will come from our recently launched merchant financing and
SME Fintech products. Overall, we expect another strong year of
profitability growth from our Fintech Platform in 2021.
Guidance for full-year 2021
Payments
We expect year-over-year growth of our Payments Platform RTPV in
the range 85-90%. We also expect average balances on current
accounts to demonstrate 40-45% year-over-year growth in 2021.
Payments Take rate is expected to be around 1.2%.
We target a high-50% adj. net income margin for the Payments
Platform in 2021, up from 52.1% in 2020.
Marketplace
We now expect our Marketplace Platform to deliver year-on-year
GMV growth of around 100%, which is a material acceleration from
2020.
Marketplace Take Rate is expected to be around 8%, up from 7.7%
in 2020.
We anticipate the Marketplace Platform's adj. net income margin
to stand at the level of high-60% in 2021 up from 60% in 2020.
Fintech
We expect our TFV to demonstrate year-on-year growth of around
100% in 2021.
We will target a TFV to Average Net Loan Portfolio Conversion
Rate of above 2.0x in 2021, up from 1.4x in 2020.
Full-year 2021 cost of risk is expected to be below 3%.
We expect our 2020 Fintech Average Yield levels to decrease
slightly from 32.6% in 2020.
Fintech adj. net income margin to be in the mid-30% range,
compared with 37.8% in 2020.
Consolidated net income & dividend
We expect our 2021 adj. net income to be around KTZ410 billion,
up from KZT274bn in 2020.
In 2021 we expect the majority of adj. net income to come from
faster growing Payments and Marketplace Platforms.
Kaspi.kz cash generation capacity is expected to remain as
strong as ever. As has been the case in previous years we seek to
maintain a 50bps buffer above local NBK capital adequacy
requirements but thereafter are committed to returning excess cash
to shareholders.
Conference call information
On 1 March 2021 Kaspi.kz will host a conference call and webcast
at 1.00pm (London) (8.00am U.S. Eastern Time, 7.00pm Nur-Sultan
time) to review and discuss the company's results for the fourth
quarter and full year 2020. To pre-register for this call, please
go to the link below. You will receive your access details via
email.
www.incommglobalevents.com/registration/client/6708/kaspikz-fourth-quarterand-full-year-2020-financial-results/
About Kaspi.kz
Kaspi.kz is the largest Payments, Marketplace and Fintech
Ecosystem in Kazakhstan with a leading market share in each of its
key services and products. At the core of the Kaspi.kz Ecosystem is
the Kaspi.kz Super App, the leading mobile app in the country. The
Kaspi.kz Super App serves as a single gateway to all services and
is an integral part of people's daily lives in Kazakhstan. As
people's lives become increasingly digitalised, Super App usage is
expected to grow supported by accelerating consumer and merchant
adoption of cashless payments, e-Commerce and digital financial
services.
Kaspi.kz's Ecosystem business model, where the growth and
development of one service contributes to the growth and
development of other services, creates a powerful virtuous cycle. A
growing number of services being used by consumers results in
synergies across all Platforms, structurally high profitability and
creates a powerful self-reinforcing network effect, giving Kaspi.kz
strong competitive advantages. Kaspi.kz has been listed on the
London Stock Exchange since 2020.
For further information:
David Ferguson, +44 7427 751 275
david.ferguson@kaspi.kz
Kaspi.kz Consolidated Income Statement
12M 2019 12M 2020 4Q 2020
12M 2019, ADJUSTED, 12M 2020, ADJUSTED, 4Q 2019, 4Q 2020, ADJUSTED,
KZT MM KZT MM KZT MM KZT MM KZT MM KZT MM KZT MM
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Revenue 513,914 511,014 641,437 641,437 150,756 180,578 180,578
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
growth, % - - - 25.5% - - 19.8%
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Interest Revenue 262,335 259,435 322,913 322,913 73,143 83,836 83,836
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Fees, Commissions
& Other 163,876 163,876 165,450 165,450 42,880 38,897 38,897
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Transaction & Membership
Revenue 53,666 53,666 94,921 94,921 18,720 30,739 30,739
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Seller fees 44,701 44,701 63,196 63,196 19,628 29,841 29,841
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Other gains and
losses (10,664) (10,664) (5,043) (5,043) (3,615) (2,735) (2,735)
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Cost of revenue (174,186) (174,186) (199,313) (198,916) (45,254) (53,844) (53,447)
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
growth, % - - - 14.2% - - 18.1%
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
% of revenue 33.9% 34.1% 31.1% 31.0% 30.0% 29.8% 29.6%
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Interest Expenses (118,505) (118,505) (139,002) (139,002) (30,530) (38,119) (38,119)
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Transaction Expenses (14,125) (14,125) (14,074) (14,074) (3,781) (3,013) (3,013)
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Operating Expenses (41,556) (41,556) (46,237) (45,840) (10,943) (12,712) (12,315)
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Total net revenue 339,728 336,828 442,124 442,521 105,502 126,734 127,131
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
growth, % - - - 31.4% - - 20.5%
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
margin, % 66.1% 65.9% 68.9% 69.0% 70.0% 70.2% 70.4%
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Technology & product
development (20,334) (20,334) (30,818) (26,000) (5,843) (12,165) (7,347)
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Sales and marketing (28,490) (28,490) (45,759) (45,759) (10,419) (14,651) (14,651)
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
General and administrative
expenses (13,259) (13,259) (20,101) (13,801) (4,278) (9,927) (3,627)
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Provision expense (38,505) (42,505) (27,622) (27,622) (8,771) 6,928 6,928
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Operating income 239,140 232,240 317,824 329,339 76,191 96,919 108,434
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
growth, % - - - 41.8% - - 42.3%
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
margin, % 46.5% 45.4% 49.5% 51.3% 50.5% 53.7% 60.0%
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Income tax (42,017) (40,717) (54,476) (55,021) (13,915) (17,954) (18,499)
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Net income 197,123 191,523 263,348 274,318 62,276 78,965 89,935
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
growth, % - - - 43.2% - - 44.4%
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
margin, % 38.4% 37.5% 41.1% 42.8% 41.3% 43.7% 49.8%
----------------------------- ----------- ---------- --------- ---------- -------- -------- ----------
Kaspi.kz Consolidated Balance Sheet
31-Dec-2019, 31-Dec-2020,
KZT MM KZT
MM
--------------------------------- ------------ ------------
Cash and cash equivalents 239,140 330,409
--------------------------------- ------------ ------------
Mandatory cash balances
with NBK 25,243 27,659
--------------------------------- ------------ ------------
Due from banks 43,484 44,259
--------------------------------- ------------ ------------
Investment securities and
derivatives 474,581 869,572
--------------------------------- ------------ ------------
Loans to customers 1,292,104 1,404,554
--------------------------------- ------------ ------------
Property, equipment and
intangible assets 60,985 70,016
--------------------------------- ------------ ------------
Other assets 52,044 51,645
--------------------------------- ------------ ------------
Assets classified as held
for sale - 8,628
--------------------------------- ------------ ------------
Total assets 2,187,581 2,806,742
--------------------------------- ------------ ------------
Due to banks 3,000 -
--------------------------------- ------------ ------------
2 , 150
Customer accounts 1,626,973 , 581
--------------------------------- ------------ ------------
13 9 ,
Debt securities issued 138,574 111
--------------------------------- ------------ ------------
Insurance reserves 3,608 -
--------------------------------- ------------ ------------
Other liabilities 42,018 41,343
--------------------------------- ------------ ------------
7 8 ,
Subordinated debt 77,786 009
--------------------------------- ------------ ------------
Liabilities directly associated
with the assets classified
as held for sale - 3,038
--------------------------------- ------------ ------------
2, 412
Total liabilities 1,891,959 , 082
--------------------------------- ------------ ------------
Share capital 95,825 95,825
--------------------------------- ------------ ------------
Additional paid-in-capital 506 506
--------------------------------- ------------ ------------
Revaluation reserve of financial
assets 472 5 , 171
--------------------------------- ------------ ------------
Share-Based Compensation
reserve - 8,788
--------------------------------- ------------ ------------
Retained earnings 195,232 280,828
--------------------------------- ------------ ------------
Total equity attributable
to Shareholders of the Company 292,035 391,118
--------------------------------- ------------ ------------
Non-controlling interests 3,587 3,542
--------------------------------- ------------ ------------
Total equity 295,622 394,660
--------------------------------- ------------ ------------
Total liabilities and equity 2,187,581 2,806,742
--------------------------------- ------------ ------------
Forward-looking statements
Some of the information in this announcement may contain
projections or other forward-looking statements regarding future
events or the future financial performance of Kaspi.kz. You can
identify forward looking statements by terms such as "expect",
"believe", "anticipate", "estimate", "intend", "will", "could,"
"may" or "might", the negative of such terms or other similar
expressions. Kaspi.kz wish to caution you that these statements are
only predictions and that actual events or results may differ
materially. Kaspi.kz does not intend to update these statements to
reflect events and circumstances occurring after the date hereof or
to reflect the occurrence of unanticipated events. Many factors
could cause the actual results to differ materially from those
contained in projections or forward-looking statements of Kaspi.kz,
including, among others, general economic conditions, the
competitive environment, risks associated with operating in
Kazakhstan, rapid technological and market change in the industries
the Company operates in, as well as many other risks specifically
related to Kaspi.kz and its respective operations.
[1] Adjusted for share based compensation in 4Q20
[2] Adj. revenue and net income exclude the one-off gain in 3Q19
from the Kazakhstan government's debt forgiveness program - partial
reimbursement of penalties and fines on delinquent loans and
partial repayment of loans to certain categories of borrower. We
have decreased 3Q19 revenue by KZT2.9bn and increased provisions by
KZT4bn (both before tax) to normalise for this.
[3] Net income in 4Q20 is adj. for share based compensation.
[4] Calculated as a ratio of Fintech's net income to average
equity of Kaspi.kz adjusted for net income attributable to Payments
and Marketplace segments
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END
FR QFLBBFXLLBBV
(END) Dow Jones Newswires
March 01, 2021 02:00 ET (07:00 GMT)
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