Hepsiburada announced its third-quarter financial results for 2024, reporting a 10.3% increase in inflation-adjusted Gross Merchandise Value (GMV) to TRY 42.3 billion compared to Q3 2023. The company achieved a significant milestone by recording its first quarterly positive operating income (EBIT) since its IPO. EBITDA as a percentage of GMV expanded to 1.2%, marking a 0.9 percentage point improvement year-on-year.
The company's strategic initiatives contributed to these results, with Active Customers reaching 12.3 million and the Hepsiburada Premium program growing to approximately 3.7 million members by the end of November. HepsiJet, the in-house delivery service, delivered 74% of total parcels on the platform, and its off-platform volume nearly doubled year-on-year, representing 35% of its total volume. Hepsipay's affordability solutions penetration rose to 8.8% of GMV, with a total lending volume of TRY 13.6 billion over the last twelve months.
For the fourth quarter of 2024, Hepsiburada forecasts unadjusted GMV growth between 50% and 55% and an unadjusted EBITDA as a percentage of GMV between 1.8% and 2.0%. The full-year 2024 unadjusted GMV growth is projected at approximately 75%, with unadjusted EBITDA as a percentage of GMV between 2.1% and 2.2%. The company also noted that the Turkish Competition Authority granted approval for Kaspi.kz's acquisition of a 65.4% stake on November 19, 2024, with the transaction expected to close in Q1 2025.
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