By Najat Kantouar
Kaspi.kz JSC said Monday that it plans to start a new $100 million buyback program as it reported higher third-quarter earnings on the back of improved performance, mostly from higher transactions in its e-Commerce offering.
The Kazakhstan-focused mobile technology company said that net income for third quarter ended Sep. 30 grew 40% on year to 232 billion Kazakhstani Tenge ($484.3 million) while revenue rose 51% to KZT508 billion.
These results are driven by accelerated growth to 56% on year to KZT416 billion in its e-Commerce offering. E-Grocery transactions increased 3.4 times on year to around 1.4 million during the quarter as a result of its differentiated grocery offering, it said.
“Our long-term approach to capital allocation remains unchanged. Investing in our growth, be it organic or via M&A, is always the first use for the cash we generate. However, if we have excess capital, we will return it to our shareholders,” the company said.
The board has recommended a dividend of KZT850 per gross depository receipt.
Write to Najat Kantouar at najat.kantouar@wsj.com
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