Hepsiburada’s sales volume increased by 138 percent in the first quarter

ISTANBUL

The unadjusted gross merchandise value (GMV) of e-commerce platform Hepsiburada increased 138 percent in the first quarter of 2024 compared to last year to 35.2 billion Turkish liras.

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

The number of orders increased by 22%. to 29.3 million compared to the previous year, while the number of active customers increased by 1.4%. to 12.1 million.

The number of active sellers on the e-commerce platform reached 101,900, an increase of 1.2%.

EBITDA in the first quarter amounted to 289.4 million lire, up from 12.2 million lire a year earlier.

GMV market share was 68.4% compared to 68.2% in the same period last year.

The net loss for the period amounted to 130.7 million lira, compared to a net loss of 324.9 million in the first quarter of 2023.

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

“We are pleased that after a year of improved profitability in 2023, we have started the year well across our business,” said Nilhan Onal Gökçetekin, commenting on the company’s first quarter financial results.

“During the first quarter, we continued to execute on our strategic priorities, focusing on strengthening our core business, leveraging our core strengths across our on- and off-platform operations, and prudently managing costs,” she added.

Gökçetekin said it expects GMV to grow by about 75 percent in the second quarter of 2024 compared to the same quarter last year, on an unadjusted basis.

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