Hepsiburada Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-09-11
Hepsiburada Reports Second Quarter 2024 Financial Results
D-MARKET Electronic Services & Trading, operating as Hepsiburada, a leading Turkish e-commerce platform, today announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Revenue (TRY million) | 10,112.9 | 10,113.3 | -0.004% |
| EBITDA (TRY million) | 386.6 | 265.3 | +45.7% |
| Loss for the period (TRY million) | (384.5) | 1,511.9 | N/A |
| Free Cash Flow (TRY million) | (644.5) | (1,041.8) | +38.1% |
Interpretation: Hepsiburada's revenue remained stable year-over-year, with a notable increase in EBITDA, indicating improved operational efficiency. However, the company reported a significant loss compared to a gain in the previous year, primarily due to increased financial expenses. The improvement in free cash flow highlights better cash management compared to the previous year.
Revenue by Segment
| Segment | Q2 2024 Revenue (TRY million) |
|---|---|
| 1P Direct Sales | 65.1% of total revenue |
| 3P Marketplace | 12.9% of total revenue |
| Delivery Service Revenue | +67.5% |
| Other Revenue | +115.1% |
Interpretation: The company experienced significant growth in delivery service and other revenue, driven by increased off-platform customer engagement and advertising services growth.
Key Developments and Operational Highlights
- Gross Merchandise Value (GMV) increased by 3.9% to TRY 33.8 billion compared to TRY 32.5 billion in Q2 2023.
- Number of orders increased by 33.3% to 36.7 million.
- Active Customers increased by 0.5% to 12.1 million.
- Share of Marketplace GMV was 71.1%, up from 67.1% in Q2 2023.
- Free cash flow improved, remaining negative at TRY 644.5 million.
Comments from Company Officers
Nilhan Onal Gökçetekin, CEO of Hepsiburada, commented: "Despite macroeconomic challenges, we delivered a solid performance, doubling GMV and improving EBITDA. Our Hepsiburada Premium loyalty program surpassed three million members, enhancing customer engagement. Our fintech solutions also gained traction, with lending volume reaching TRY 11.2 billion."
Forward Guidance
For Q3 2024, Hepsiburada anticipates GMV growth between 70% and 75% year-over-year, unadjusted for inflation. They expect EBITDA to be around 2.2% of GMV.
Stock Price Movement
Post-earnings, the company’s stock experienced an increase of approximately 2.32%.
In summary, Hepsiburada's Q2 2024 results indicate robust operational performance, highlighted by increased EBITDA and a strengthened delivery service segment, despite reporting a loss for the period. The company maintains a cautiously optimistic view for the rest of the year, focusing on sustainable growth and customer-centric initiatives.
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