Hepsiburada’s sales volume grows 138 percent in first quarter

ISTANBUL

The unadjusted gross merchandise value (GMV) of e-commerce platform Hepsiburada soared 138 percent in the first quarter of 2024 from a year ago to 35.2 billion Turkish Liras.

GMV increased 42.5 percent year-on-year to 25.5 billion liras, while the company’s revenue rose 45 percent to 11.4 billion liras.

The number of orders increased by 22 percent to 29.3 million from a year ago, while active customers rose by 1.4 percent to 12.1 million.

The e-commerce platform’s active merchant base reached 101.900, rising 1.2 percent.

EBITDA was 289.4 million liras in the first quarter, increasing from 12.2 million from a year earlier.

The share of marketplace GMV was 68.4 percent compared to 68.2 percent in the same period of last year.

Net loss for the period was 130.7 million liras against the net loss of 324.9 million in the first quarter of 2023.

Free cash flow was positive 1.03 billion liras compared to negative 259.3 million liras.

“We are glad to have had a robust start to the year across the business, following a year of turnaround in profitability in 2023,” said Nilhan Onal Gökçetekin, commenting on the company’s financials for the first quarter.

“In the first quarter, we continued to execute our strategic priorities with a focus on strengthening our core operations, leveraging our key strengths for on-platform and off-platform operations and prudent cost management,” she added.

Gökçetekin said that they anticipate delivering GMV growth of around 75 percent in in the second quarter of 2024 compared to the same quarter of last year, on an unadjusted basis.

“With continued strict cost management in place, we expect an EBITDA within the range of 1 percent to 2 percent of GMV on an unadjusted basis in the second quarter,” she said.