Core Insights - Hepsiburada reported its unaudited financial results for Q4 2024 and audited results for the full year ended December 31, 2024, showing growth in gross merchandise value (GMV) and revenue despite macroeconomic challenges [1][4][6]. Financial Performance Highlights - Q4 2024 GMV increased by 1.9% to TRY 59.0 billion compared to TRY 57.9 billion in Q4 2023, while IAS 29-unadjusted GMV rose by 49.4% to TRY 58.2 billion [4][20]. - Revenue for Q4 2024 grew by 6.4% to TRY 18,140.8 million from TRY 17,053.9 million in Q4 2023 [4][34]. - Full year 2024 GMV increased by 12.1% to TRY 188.6 billion compared to TRY 168.3 billion in 2023, with IAS 29-unadjusted GMV rising by 73.8% to TRY 167.7 billion [6][21]. - EBITDA for Q4 2024 surged by 283.5% to TRY 714.9 million compared to TRY 186.4 million in Q4 2023, with EBITDA as a percentage of GMV improving to 1.2% [4][12]. Customer and Order Metrics - Active customers increased by 2.0% to 12.2 million as of December 31, 2024, compared to 11.9 million in the previous year [4][13]. - The number of orders decreased by 3.4% to 33.3 million in Q4 2024 compared to 34.4 million in Q4 2023 [4][13]. Strategic Developments - The company announced a significant change in control with Kaspi.kz acquiring a 65.4% stake in Hepsiburada, which is expected to create value opportunities [11]. - Hepsiburada's logistics service, HepsiJet, delivered 72% of all parcels handled through the platform in 2024, up from 67% in 2023 [8][25]. Revenue Breakdown - In Q4 2024, marketplace revenue (3P) increased by 14.8% to TRY 2,126.0 million, while delivery service revenue rose by 17.7% to TRY 2,159.5 million [34][37]. - Other revenue, including advertising and fintech operations, saw significant growth, with a 126.5% increase in other revenue in Q4 2024 [36][40]. Operating Expenses and Profitability - Net operating expenses increased by 3.6% to TRY 17,998.1 million in Q4 2024, with a slight increase in operating expenses as a percentage of GMV [46][47]. - The gross contribution margin improved to 11.4% in Q4 2024, up from 9.0% in Q4 2023, driven by higher other revenue and delivery service revenue [41][42]. Financial Income and Expenses - Financial income for Q4 2024 increased by 28.6% to TRY 1,418.8 million, primarily due to higher interest income on credit sales and time deposits [56]. - Financial expenses rose by 17.7% to TRY 2,683.2 million in Q4 2024, mainly due to increased commission expenses related to early collection of credit card receivables [60].
Hepsiburada Announces Fourth Quarter and Full Year 2024 Financial Results