Release Date: February 24, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you explain the rationale behind the 20% growth guidance for 2025, given the higher exit rates in 2024? A: David Ferguson, Managing Director, Head of Investor Relations, explained that the guidance reflects the scale of the business and the current economic environment. He emphasized that the trends from 2024 are expected to continue into 2025, with some adjustments due to changes in interest rates and market conditions. The guidance is not overly conservative or aggressive but reflects a realistic outlook.
Q: What are the plans for integrating Hepsiburada and expanding internationally? A: Mikheil Lomtadze, CEO, stated that Hepsiburada provides a strong foundation for Kaspi's international expansion. The focus will be on leveraging Kaspi's expertise in mobile services and consumer engagement. While Hepsiburada will operate independently, Kaspi plans to explore launching its own services in Turkey, aiming for innovation and quality improvements.
Q: How is the macroeconomic environment in Kazakhstan affecting Kaspi's business? A: David Ferguson noted that the macro environment remains stable and predictable, with consistent consumer and merchant trends. He acknowledged some currency volatility and interest rate changes but emphasized that these are manageable and align with global trends. The overall outlook remains positive, with potential for future growth as conditions normalize.
Q: What is Kaspi's approach to managing Hepsiburada's operations and strategy? A: Mikheil Lomtadze clarified that Kaspi will act as a strategic investor, focusing on product innovation and service quality. Hepsiburada's management will continue to operate independently, with Kaspi providing support and guidance through its board involvement. The goal is to enhance Hepsiburada's offerings without imposing drastic changes.
Q: How does Kaspi plan to handle regulatory changes and potential impacts on its business model? A: David Ferguson assured that Kaspi is well-positioned to adapt to regulatory changes, having navigated similar challenges in the past. The company actively participates in discussions with stakeholders and remains committed to maintaining a compliant and resilient business model. No immediate regulatory threats are anticipated.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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