Kazakh fintech firm Kaspi.kz said on March 1 its 2020 net income jumped 33.6% to KZT263.3bn (€520.6mn). The firm also proposed a dividend payout of around KZT171bn subject to shareholder approval.
The company has benefited from the coronavirus (COVID-19) pandemic-driven shift to digital services by people who have been forced to largely stay indoors. The company’s 7.8mn user-strong consumer app, the Super App, offers bill payment, loans, peer-to-peer payments, an online marketplace and a personal finance management tool. The Kaspi app is used by many retailers in Kazakhstan to sell goods via its marketplace and to accept payments. Many retailers allow Kazakh citizens to use the payment system as an alternative to cash. This boosted the Kaspi app as a quickly growing popular payment option.
"We expect our 2021 adjusted net income to be around KZT410bn, up from KZT274bn in 2020," the firm said in a statement.
Kaspi.kz’s billion-dollar initial public offering (IPO) on the London Stock Exchange (LSE) in October last year came as a big surprise to many international investors.