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Hepsiburada Announces Second Quarter 2024 Financial Results
D-MARKET Electronic Services & TradingD-MARKET Electronic Services & Trading(US:HEPS) GlobeNewswire News Roomยท2024-09-11 11:00

Core Viewpoint - Hepsiburada reported its financial results for Q2 and H1 2024, showing growth in gross merchandise value (GMV) and EBITDA, despite a challenging macroeconomic environment in Turkey. The company continues to focus on customer loyalty and operational excellence to drive performance. Financial Highlights - Gross merchandise value (GMV) increased by 3.9% to TRY 33.8 billion in Q2 2024 compared to TRY 32.5 billion in Q2 2023 [5] - Revenue remained nearly flat at TRY 10,112.9 million compared to TRY 10,113.3 million in Q2 2023 [5] - EBITDA increased by 45.7% to TRY 386.6 million in Q2 2024 compared to TRY 265.3 million in Q2 2023 [5] - Loss for the period was TRY 384.5 million compared to income of TRY 1,511.9 million in Q2 2023 [5] - Free cash flow improved to negative TRY 644.5 million from negative TRY 1,041.8 million in Q2 2023 [6] Operational Highlights - Number of orders increased by 33.3% to 36.7 million in Q2 2024 compared to 27.5 million in Q2 2023 [5] - Active customers increased by 0.5% to 12.1 million compared to 12.0 million as of June 30, 2023 [5] - The number of SKUs increased by 35.6% to 264.0 million compared to 194.7 million as of June 30, 2023 [5] - Share of Marketplace GMV rose to 71.1% in Q2 2024 from 67.1% in Q2 2023 [5] Strategic Initiatives - The loyalty program, Hepsiburada Premium, reached 3 million members by mid-August 2024, enhancing customer retention [8][22] - HepsiJet delivered 73% of total parcels on the platform, up from 66% in Q2 2023, indicating improved logistics performance [9] - Hepsipay's lending services saw total lending volume reach TRY 11.2 billion over the last twelve months, up from TRY 8.1 billion in Q1 2024 [10] Market Outlook - For Q3 2024, the company expects GMV growth in the range of 70% to 75% year-on-year, unadjusted for inflation [11][16] - The company aims for EBITDA around 2.2% of GMV in Q3 2024, unadjusted for inflation [11] Economic Context - The annual inflation rate in Turkey was reported at 71.6% as of June 30, 2024, up from 38.2% a year earlier [18] - Consumer confidence index fell to 78.3 as of June 30, 2024, indicating a challenging economic environment [18]