Hepsiburada posts first positive operating income since IPO

Grafa2024-12-10

D-MARKET Electronic Services & Trading, operating as Hepsiburada (NASDAQ:HEPS), has reported positive operating income for the first time since its IPO in 2021. 

For the third quarter of 2024, Hepsiburada reported operating income of TRY 32.4 million, a significant turnaround from the TRY 245.1 million operating loss posted in the same quarter of 2023. 

During the period under review, Hepsiburada’s Gross Merchandise Value (GMV) grew by 10.3%, reaching TRY 42.3 billion.

While the company processed 32 million orders, with revenue edging up 1.7% to TRY 12,241.6 million, order frequency rose sharply by 18.9%, reflecting stronger customer loyalty and repeat purchases.

The company’s adjusted EBITDA also grew, rising by 286.5% to TRY 507.8 million during the quarter.

In terms of platform growth, the company's active customers climbed to 12.3 million.

However, despite the positive operating metrics, the company's net loss for the quarter widened to TRY 307.4 million, compared to TRY 285.5 million in Q3 2023.

Additionally, free cash flow declined to TRY 1,579 million from TRY 2,831 million a year prior.

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