Q2 2024 D Market Elektronik Hizmetler ve Ticaret AS Earnings Call Transcript
Key Points
- D-MARKET Electronic Services & Trading (HEPS) exceeded its guidance for both GMV growth and EBITDA as a percentage of GMV in Q2 2024.
- The company recorded nearly 22% real GMV growth and 1% EBITDA as a percentage of GMV, adjusted for inflation.
- D-MARKET achieved the highest first-half free cash flow since its IPO.
- The Hepsiburada Premium loyalty program scaled to 3 million subscribers, contributing to higher order frequency and customer retention.
- HepsiJet, the company's last-mile delivery service, delivered 73% of total parcels and expanded its fleet with electric vans, emphasizing sustainability.
- The macroeconomic environment remains challenging, with high interest rates and inflation impacting consumer demand.
- There was a 13% decrease in 1P revenue in Q2 2024 compared to the same period last year.
- Shipping and packaging expenses increased by 0.9 percentage points year-on-year, driven by higher order volume and rising delivery fees.
- The electronics market in Turkey has slowed down, impacting the company's GMV mix.
- The company faces uncertainty regarding FX gains, which were a significant tailwind last year but are hard to predict for the coming months.
Ladies and gentlemen, thank you for standing by. I'm Mina, your chorus call operator. Welcome and thank you for joining the Hepsiburada conference call and live webcast to present and discuss the second quarter 2024 financial results.
At this time, I would like to turn the conference over to Ms. Nilhan Onal Gokcetekin, CEO; Mr. Seckin Koseoglu, CFO; and Ms. Helin Celikbilek, Investor Relations Director. Ms. Celikbilek, you may now proceed.
Thanks, operator. Thank you for joining us today for Hepsiburada second quarter and first half 2024 earnings call. I'm pleased to be joined on the call today by our CEO, Nilhan Onal Gokcetekin; and our CFO, Seckin Koseoglu. The following discussion, including responses to your questions, reflects management's views as of today's date only. We undertake no obligation to update or revise this information except as required by law.
Certain statements made on today's call are forward-looking statements, and actual results may differ
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