ISTANBUL - D-MARKET Electronic Services & Trading, commonly known as Hepsiburada, a prominent Turkish e-commerce company (NASDAQ: HEPS), reported unaudited financial results for the fourth quarter and full year ended December 31, 2023. The company's financial statements have been adjusted in accordance with International Accounting Standard 29, reflecting the economic reality of operating in a hyperinflationary environment.
The company's Gross Merchandise Value (GMV) saw a 25.4% increase year-over-year in Q4 2023, reaching TRY 40.1 billion. When not adjusted for inflation, GMV surged by 103.9% to TRY 39.0 billion. Revenue also rose by 29.5% to TRY 11.8 billion compared to the same quarter in the previous year. The number of orders saw a modest rise of 1.7%, with active customers slightly decreasing to 11.9 million from 12.2 million.
Hepsiburada's EBITDA turned positive at TRY 129.1 million for the fourth quarter, a substantial improvement from a negative TRY 415.1 million in Q4 2022. The EBITDA margin as a percentage of GMV was 0.3%, a notable increase from the negative 1.3% in the same period last year. The company also reported a net loss of TRY 644.1 million for the quarter, which is an improvement from a net loss of TRY 912.4 million in Q4 2022.
For the full year 2023, Hepsiburada's GMV increased by 31.1% to TRY 116.5 billion. Revenue for the year grew by 34.3% to TRY 35.6 billion. The company's annual EBITDA was positive at TRY 449.2 million, a significant recovery from a negative TRY 4.3 billion in 2022. The net income for the period was reported at TRY 75.5 million, contrasting with a net loss of TRY 4.8 billion for the previous year.
The company's CEO, Nilhan Onal Gökçetekin, expressed pride in the team's execution of strategic priorities amidst high inflation, which was reflected in the financial results. The CEO highlighted the year-on-year GMV growth and the improvement in EBITDA margin as key achievements.
Hepsiburada's loyalty program, Hepsiburada Premium, tripled in size to 2.2 million members in 2023, confirming its value to customers. The company also noted the expansion of its product selection and the relaunch of its advertising offering, HepsiAd, which provides merchants with tailored advertising solutions.
This financial overview is based on a press release statement and represents a summary of key facts and figures from Hepsiburada's financial results.
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