Q4 2023 D-Market Elektronik Hizmetler ve Ticaret AS Earnings Call
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Ladies and gentlemen, thank you for standing by.
Hi, I'm Sabrina your chorus call operator.
Sabrina: Welcome and thank you for joining D. C Bureau that conference call and live webcast to present and discuss the fourth quarter and full year 'twenty two 'twenty three financial results.
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Sabrina: Time, I would like to turn the conference over to Mr. Kneeland Arnold CEO, Mr. Suskind CFO, Ms. Helen Cilic relax Investor Relations Director Mr. Bilek, you May now proceed.
Unknown Executive: Thanks, operator, thank you for joining us today for hips, the brothers fourth quarter and full year 2023 earnings call I'm pleased to be joined on the call today by our CEO Neil Hunn.
Unknown Executive: Good chicken and ice vehicles, which didn't yourself.
Unknown Executive: The following discussion including responses to your questions reflects management's views as of today's date, only and 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 materially from these forward looking statements. Please refer to today.
Unknown Executive: <unk> earnings release as long as the risk factors described in the Safe Harbor slide of today's supplemental slide deck. Today's press release. The 6K, our form 20-F filed with the FCC on May <unk> 2023, and other SEC filings for information on factors that could cause our actual results to differ materially from these forward looking statements also.
Unknown Executive: We will reference certain non <unk> measures during today's call. Please refer to the accounting so our supplemental slide deck as well as today's press release for a presentation of the most directly comparable <unk> measure and another one place to another.
Unknown Executive: First reconciliation.
Unknown Executive: As a reminder, a replay of this call will be available on our Investor Relations website.
Speaker Change: And with that I will hand, it over to our CEO <unk> <unk>.
CEO: Thank you Haley and vacuum everyone and thank you for joining us I'm delighted to be with you today to present, our fourth quarter and full year to them to teenagers.
Speaker Change: It has been over a year since I first of all bless you as the CEO of silver at that age.
Speaker Change: At this time I may just can use that as my mom date was building hits the road, that's profitable that could turn it off.
Speaker Change: Last year, we had visited the period of election related uncertainty and then you have to pull out of the tragic earthquake in February.
Speaker Change: Simultaneously, we remain in an inflationary environment.
Speaker Change: Created in consumer purchasing power.
Speaker Change: I am very proud to note our excellent teamwork, our focus to strategy and meticulous execution have resulted in strong financial.
Speaker Change: <unk> more than doubled year on year in Sudan, Pizzuti, Venerable the average inflation rate the data more desktop, especially we see a turn it all of it and highest full year gross contribution margin.
<unk> six per cent and diligent Opex management, although EBITDA as a percentage of G. M. D rose by 400 basis points unit for $1 $8 that.
Speaker Change: It's rolled off the kitchen generation from operations and optimized investment. These records of their pre cash flow of around three 9 billion when adjusted for inflation basis. These results confirmed the validity of our strategic plan and encourage us to aim higher going forward.
Speaker Change: Now I'll leave me continued over performance in Q4 and full year against our guidance. We broke out all time highest sales record during Legendry November and high shopping so and also continued in the family. This resulted in exceeding our quarterly guidance for both G&A growth and EBIT.
Speaker Change: Yeah.
Speaker Change: Consequently, our full year results also exceeded our forecast, although Jeremy growth was around 104% exceeding our guidance by 300 a day today.
Speaker Change: D C. A S percentage off GMB turned to a positive one 8% exceeding our guidance by sorts of it stopped highlighting about robust growth and disciplined approach to spending this past four months Mark the beginning of our profitability turnaround objective here some eye catching numbers to put it.
Speaker Change: Consumer preference for other platform into perspective.
Speaker Change: Not for me to take the three points might be on being resistant to vantage suite.
Speaker Change: Consumers continued to drive pet the brother lives setting up their new home in particular Bayou. There is home appliances. So high like if you were to Nathan number one out of every two dishwasher one out of every two marching mission fold, though my they're purchased on pitch the rather lofty I mean, what hits the world that is I'll say go to.
Speaker Change: Pillar four more consumer electronics, which was our strength from inception.
Speaker Change: Semanticity tool also favorite five laptops and one also favorite three iPhone sold online were also sold on hips or is that a majority of these purchases reached their destination via our own logistics company Hipster jet, let me now they know, but based on what I see it two months this Atlanta today.
Early demand for today, we have David could you have targets for our core strategic priorities, which I will explain throughout this presentation.
Speaker Change: Felipe progress across all of these kpis reflect the dedicated power for months off and strong execution by our entire team before we move on I should mention the expansion of our share based incentive plan in the second half of the year.
Speaker Change: Current plan is pretty good upon meeting certain vesting condition and colors.
Speaker Change: Our key executives led.
Speaker Change: Less small constant theres, some highlights of overachieve months, regardless of our customers merchant business partners and key components of our ecosystem.
Speaker Change: Let me begin with our customers towards satisfaction is everybody another mine and it's reflected in our kpis.
Speaker Change: So as of today total order 313 million on airport demand per cent year on year growth on top 44 per cent throat and order frequency, Peru that other customer engagement and loyalty strategies are working and disrupt the E Commerce brand in Turkey.
Speaker Change: We are proud to announce all of our market leadership in net promoter score for the second consecutive year in line with our pledge to customer Centricity Veeva Veda hard to improve our value proposition in terms of reliability speed and call me.
Speaker Change: We also raised the bar on novel call me, a level equal payments, they anybody and return our profitable although the affordability solutions are appreciated by our customers, especially in this challenging macroeconomic climate.
Speaker Change: Veeva to create lasting relationships and our strong loyalty program is the best indicator of our success in the St. Baylor. If so what are the premium program numbers have more than tripled to be then they usually exceed 2.2 million data Mazda order frequency rose by around 40% after.
Speaker Change: Joining the program the north of 270, Bips yearly improvement in the shade of Tampa locked frequency customers in overall customer base into vantage suite. This level confirms the program's potential to position helps the Buda is Turkey skull to ecommerce platform and underlines the strategy.
Speaker Change: Good old bits of attention.
Speaker Change: We will continue leveraging up our core strength and prioritizing customer satisfaction going forward now.
Speaker Change: Now let me elaborate on another call me Tomorrow play deeper merchant relationship Interactive T V enhance and planned solution portable merger, such as fulfillment logistics to man handling seem take and advertising solutions to facilitate higher conversion to SaaS for other merchants.
Speaker Change: New tools and features such as fast service campaign, Benjamin coupon creation and tailored advertising solution not featured on another merchant that.
Speaker Change: Hey suggests potstone reliable Phoenix to the logistics service, let's like greater merchants preference with almost Honda 2000 active merchant base, our total SKU count climbed to nearly 200 church Amelia.
Speaker Change: This year, we on boarded Turkey telephones Yum brands on the platform almost powerful stamler in fashion and beauty categories.
Speaker Change: The new global brand other grooming brand portfolio, a concert or an ability to unlock selection holds off. Meanwhile, we deepened our long lasting relationships with also their lifestyle based suppliers and thanks to the strong origination of a peanut form has come to respond even more comprehensively took.
Speaker Change: Customer needs, which is why their selection and appealing campaign.
Speaker Change: Let me now they know more April another strategic priority for the Vantiv for data real sustainable and profitable growth remains at the heart of our strategy is concerned I have a result pillars of our strategy our song with more to be on box on each police V aimed to raise the.
Speaker Change: In each case P I E.
Speaker Change: Accordingly into Atlanta for me the main focused on loyalty cultivating sustainable differentiator self hedged to pay a jet and the expanding of our beat to be services is it turnkey equal solution partner for merchants into it yet in the next few slides I'll talk more about each piece.
Speaker Change: By providing a snapshot of overlay achievements as well as our ambitions.
Speaker Change: With regards to our loyalty program, we remain dedicated to growing its member base and keeping that despite customer so onboard with and hostile free games partnerships.
Speaker Change: Key initiatives that I'm Super excited about is our co branded credit card with the upgrade to the card offers its users Martha planning benefit.
Speaker Change: The bill focused on increasing premium credit card user base, which will also contribute solid or strong or else.
Speaker Change: Let's now look into bundle for she said it differentiates US is our four together in the Turkish logistics sector hedge Sujit de levered that all 68% or towards the six to seven 1% of total parts of full number of plots bought.
Speaker Change: Hey did you quantify the volume expansion of its competitor to oversize database services that intervention today 59, costanzo oversized packages on the peanuts for the data whereby hedged to Jack up by 12 percentage points year on year.
Speaker Change: In today's world fast and reliable delivery is a must for typical Turkish customer hedge suggests eight to talk or start next day delivery ratio among retail orders call in terms of a comic months per unit. So that is the city once a year in which we expand the jets collectibles anybody elses return capabilities.
Got it.
Speaker Change: We believe these additions boost up our value proposition and accordingly, <unk> maintained its strong NPS underscoring its ecmo lit service excellence.
Speaker Change: We will build further on hips project integral role in our logistics ecosystem and exiting the speed of data by the end customer experience.
Speaker Change: Let me now move on top of Nixdorf, Fache, Hipster pack and let's start with hips debate throne contribution that's the world that.
Speaker Change: Leveraging other E money and payment service license deal for that corporate hosted suite of payment and affordable it to fill those ships in todays economic landscape and in the face of market expectations, So potentially tightened credit available at in the second half and for doing this again searcher Cigna.
Speaker Change: Because under these conditions consumers the datacom the optionality of our affordable liquid solution, which include them or buy now pay later solution and then its shopping loans from banks and general purpose loans from partner makes all of this Bronx. Other platform provides an excellent deals.
Speaker Change: Their service.
Speaker Change: Second our customers can check that'd be RPI limit and alternatives loan options for one partner banks and complete their purchases instantly b M. P. I our unique solution in the Turkish E Commerce market had to be utilized by year end at 330000 customers by Amdocs Q4, well.
Speaker Change: They brought their scam total finance function volume, including General purpose long reach 6.1 billion you do interact with today.
Speaker Change: In Savannah for Veeva further fortify our position as an equal nurse player providing the brightest affordability solutions. We also recently launched hedged up enough over all consumer financing company, which we expect to contribute solver cockpit.
Speaker Change: On the payment front hits to pay continue to improve our customer experience at our checkout during Savannah to three with multiple additional features.
Speaker Change: The expanded solution to enable level of merchant phone. That's called me then that's all fight their checkouts hits. The pay is another they nibble at the check out the 10 major retailers.
Speaker Change: Hates it. They also aim to win additional key accounts, while also launching its proposition targeted for it that meet.
Speaker Change: The launch of hits the paid prepaid cards in collaboration with visa, but then other highlights of the year. The additional cashback benefit available is that motivates us to become a premium program remember the car has caught all your customers with the 1.2 million cards issued so far on this.
Speaker Change: Great So stable hits the pace Walnut space Rose to 15 million by mid March following a yearly net additional 3.3 million users into that facility in Savannah for hips. The pay is working to become to get more skus digital mobile wallet solution in physical and online.
Speaker Change: He said this will ultimately position helps to pay its turkeys, leading Fintech company.
Speaker Change: Myles, let me give you an update on our strategic priority of offering our logistics services to third parties.
Speaker Change: Doing that has almost no revenue streams contributed solid operational efficiency and reinforced our position in respective sectors shaped nearly doubled its external customer base incidents of three while this third party volume Rose one six times year on year. This concern about where the ability to Jen.
Speaker Change: They beat to be that a news of payouts for showcasing catch the jets, what's wrong momentum is an appealing logistics partner overall philanthropy, let's say you don't have initiatives that leverage our strengths in fintech and logistics for creating a solid b to b business. Meanwhile, resulting anomalous confirm that we are.
Speaker Change: On the right fit in financial for vivo pontoon and to accelerate our focus on this business line.
Speaker Change: At teaming profitable that form the basis of our strategy and I'm glad to see that as confirmed in our year end results.
Speaker Change: Robust turnaround in Navy Ta was made possible through the key building blocks, so optimize marketing and advertising expenses.
Speaker Change: The gross contribution margin process of formation and Opex for Gallatin intervention for our ambition is to sustain over profitability trajectory, we believe growing double advertising business raising third party venues a higher share of margin I place a category.
Speaker Change: And the continued frugality will be instrumental in achieving this years higher profitability target on the next slide I would like the deep dive on that we'd stand another advertising business and our ambitions.
Speaker Change: Our win established advertising is on the Pip says so just a huge opportunity to increase our share of Turkish rapidly growing digital media market. The current thoughts around of global peer passive elements in the advertising business cause you to pause a moment, you're scaling up our performance levels going forward.
Speaker Change: It's it is equipped with that ISS formats that boost the visibility of participating merchants.
Speaker Change: These merchants that each day is towards the tortillas increase their staff, while benefiting from extra nibbles plus tumor in high Stakes.
Speaker Change: And on the 18th Calzones merchants used the word advertising solutions last year increase in catch dads penetration than any of our merchants.
Speaker Change: B M of key focus that he asked it yet and now I'll close my presentation with all of our guidance.
Speaker Change: I have meticulous outline our strategic priorities and the other focus that our sports event before we dedicate that the execution on this overall objective is to continue all of our Gi liquid all focused on incremental revenues and higher margin businesses and achieve higher profitability margins in salon support.
Speaker Change: Accordingly for the first quarter of the Vantiv for VX spec for de Novo Jammie girl sat on one on the Toronto per cent compared to the same period I'll come on to today, the little things off the first quarter Atlantic City was mainly due to the earthquake has a positive impact in this expected growth level.
Speaker Change: At the EBITDA level, we expect to deliver that on a full percentage person told Joe G. M D and this guidance figures are adjusted for inflation.
Speaker Change: Then I. Thank you for listening and leave the floor to fish can our CFO to provide further insights into all of our financial platform.
CFO: Thank you.
CFO: Everyone.
CFO: I'm glad to share that we have delivered an outstanding financial performance across all metrics both in quarter for 'twenty to 'twenty three.
CFO: In full year, despite all the challenges.
CFO: On an unadjusted basis GMB grew by 104% in 2023.
CFO: This game through 41% order growth and 45% average order value.
CFO: When we exclude our small ticket digital products. The average order value growth was impressive 79% outpacing the average inflation of 54% in 2023.
CFO: The first the average order value growth is attributable mainly to.
CFO: Faster than inflation rise in average selling prices.
CFO: And the higher share of large ticket items in electronics in our orders.
CFO: Oh, and then it on an inflation adjusted basis, we recorded a double digit real Jeremy dropped off towards the bunkers starting 2023.
CFO: Yes.
This resulted in 34% revenue growth, which was possible through strong revenue growth of both retail and marketplace operations.
CFO: As well as solid growth in advertising and marketing revenues and loyalty program subscription revenues.
CFO: Nine 2% gross contribution margin and disciplined Opex management.
CFO: We recorded 0.4%.
As a percentage of G M B in 2023.
CFO: Martin just north of <unk> 5.2 percentage points year on year improvement.
CFO: Okay.
Speaker Change: So I won't go there on each of these let's move on to the next slide.
Speaker Change: First our Jimmy <unk> performance.
Speaker Change: Our marketplace operations corresponded to two thirds of our business in 2023.
Speaker Change: While the shade of electronics in GM Eva at around the same level of last year, there is a 0.3% point.
Speaker Change: Point shift towards non electronics in marketplace operations.
Speaker Change: Let's have a look at our revenue performance.
Speaker Change: Okay.
Speaker Change: Towards the 4% revenue growth in 2023 was achieved mainly through trying to 7% retail and 60% marketplace operations revenue growth.
Speaker Change: Delivery service revenues contributed to the revenue growth with 48% you don't years increase this was mainly due to rising unit delivery service charges.
Speaker Change: Parcel volume and almost doubling of off platform revenues.
Speaker Change: Other revenues that include advertising services co marketing and loyalty subscription altogether grew by 425% year on year.
Speaker Change: Now, let's elaborate on our gross contribution performance.
Speaker Change: Unadjusted for inflation, our gross contribution margin was 10, 6% in 2023 on a one six percentage point year on year improvements.
Speaker Change: Adjusted for inflation, we recorded solid.
Speaker Change: Two seven percentage points rise in the margin, reaching nine 2%.
Speaker Change: This was mainly attributable to one three percentage points in the one P margin due to a relatively lower inflation impact on cost of inventory sold during the year and.
Speaker Change: And shorter inventory turnover days in 2023.
Speaker Change: 0.7 percentage points increase in the GP margin is the result of margin improvement across all set degrees.
Speaker Change: 0.7 percentage points rise in the contribution of delivery service and other revenues.
Speaker Change: Let's move on to our EBITDA performance on the next slide.
Speaker Change: As highlighted 2023 was a year of profitability turnaround for hips or whatever.
Speaker Change: Together with strong topline growth our focus on costs and marketing spend optimization enabled us to deliver positive EBITDA for the full year.
Speaker Change: Unadjusted for inflation, we recorded $1 eight percentage EBITDA as a percentage of G. M. B in 2023, with a 4.0 percentage points improvement on a yearly basis.
Speaker Change: Adjusted for inflation of our full year EBITDA is again positive.
Speaker Change: 4% of G M D.
Speaker Change: Five two percentage points year over year improvement.
Speaker Change: This was mainly a true it's two seven percentage points rise in gross contribution margin.
Speaker Change: 1.2 percentage points decline in advertising expenses.
Speaker Change: 0.3 percentage point decline in payroll and outsource staff expenses.
Speaker Change: 0.2 percentage points decline in shipping and packaging expenses and 0.9 percentage point decline in other opex items.
Speaker Change: Excluding the one off items.
Year on year improvement in EBITDA was still strong at four five percentage point for the full year in 'twenty to 'twenty three.
Next let's have a look at our cash flow dynamics.
Speaker Change: Our cash generated from operations was 5.0 billion T out in 2023 up from $7 7 million T I a year ago.
Speaker Change: Yeah.
Speaker Change: The year on year increase in EBITDA it accounts for more than 100 per cent of the improvement in operating cash flow.
Speaker Change: More precisely four 7 billion T S rides and EBITDA was partially offset by 0.4 billion T. As decline in change in monetary gain working capital and realized FX gain and loss.
Speaker Change: So yield at $4 3 billion TL improvement year on year.
Speaker Change: With add ons 1.1 billion see our Capex, our free cash flow was around $3 9 billion T out in the fall.
Speaker Change: Excellent.
Speaker Change: Yeah.
Speaker Change: As I end my presentation, I would like to summarize the key takeaways from today's presentation.
Speaker Change: Our robust top line growth and outstanding EBITDA performance, both in the fourth quarter and full year exceeded our guidance ranges.
Speaker Change: Adjusted for inflation recorded double digit real GMB growth on a year on year basis.
Speaker Change: Yeah.
Speaker Change: Our gross contribution margin.
Speaker Change: On an unadjusted basis reached 10, 6%, marking the highest full year level since 2018.
Speaker Change: With this performance, we generated a strong free cash flow as well.
Speaker Change: As we reflect on the good start to 2024, we are committed to building on our performance from the previous year and strive towards achieving even greater success.
Speaker Change: Thank you for listening we can now open the line for questions.
Speaker Change: Ladies and gentlemen.
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Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: We know that question why email.
Speaker Change: A related but different interest expenses charged on purchases and credit card receivables.
Speaker Change: It's basically a V.
Speaker Change: We do not.
Speaker Change: Have any lending related with our purchases the interest on purchases refers to interest expense that is embedded in our inventory procurement that we buy on the.
Speaker Change: Term basis.
Speaker Change: Our mom to be classified from gross contribution margin to financial expenses.
Speaker Change: And this is done due to <unk>.
Speaker Change: <unk> is the reclassification.
Speaker Change: Early collection Commission is the.
Speaker Change: The commission that we pay.
Speaker Change: To the banks for early conviction of our credit card receivables.
Speaker Change: And this is also showing up in the.
Speaker Change: Financial expenses fiction in our P&L.
Speaker Change: Okay.
Speaker Change: As a reminder, if you would like to ask a question. Please press star and one on your telephone.
Speaker Change: Okay.
Speaker Change: We have a question from them.
Speaker Change: Moura Moharram cool server from corner capital. Please go ahead.
Moura Moharram: Thank you very much for the presentation.
Moura Moharram: Couple of questions.
Moura Moharram: For me.
Moura Moharram: The first one is the credit cuts.
Speaker Change: Spending in Turkey is running at a really fast pace in the first quarter. So far we all observed around the 150% increase on a year over year basis full month, because good purchases.
Your guidance was 110, 20% there on GM vehicles for the first quarters do you think there is and it helps.
Speaker Change: So there's two that's craters star truth.
Speaker Change: And what.
Speaker Change: What is the advertising budget for 2024, thank you very much.
Speaker Change: Yeah.
Speaker Change: Basically we are estimating this 120% versus the relatively lower base.
Speaker Change: In quarter, one 'twenty two 'twenty three due to the earthquake.
Speaker Change: And as you pointed out the credit card spending in the market is.
Speaker Change: You know a little bit higher than this amount. So we may have.
Speaker Change: To potentially see some upside but not necessarily.
Speaker Change: A significant amount versus our guidance.
Speaker Change: So related with our marketing expenses.
Speaker Change: We are continuing to increase our return on advertising spending for each of our channels, both for Influencers and performance marketing.
Speaker Change: So we will continue to see.
Speaker Change: The efficiencies going forward is that we have.
Speaker Change: The experienced in 2023.
Speaker Change: So we will continue to optimize our marketing spending while growing profitably.
I think Graham I have long built for the credit card standing and fast penetration of ecommerce in Turkey.
As you know turkeys and their debate a high potential market for equal nurse penetration, so empty that its and others' 15th Atlanta, both sides growth in the penetration of E. Commerce within total retail one area, that's reversed significantly get shake his or her turnkey equaled north solution.
Speaker Change: So the pips as yet we are a.
Speaker Change: Significantly increasing other volumes for all of platform customers as I mentioned and with our Fintech solutions. Now. We are also providing for these merchants that are just coming through e-commerce with bond connect solution and they were landing solutions de Novo checkout, Sylvia celebrating actually the fast growth of.
Speaker Change: Equaled nursing Turkey.
Speaker Change: Take care.
Speaker Change: It wasn't the one if I'm right.
Speaker Change: All of the international equaled was companies since that time in two months.
Speaker Change: Europe is not competitive sports Pearce I would say, they're trying to increase the take rates since you're in fact, they had a couple of them announced that's increasing take rates by 200 basis points at the beginning of the year.
Speaker Change: And your largest competitor trends fuel its patents.
Speaker Change: Alibaba Baidu app.
Speaker Change: The conference schools, who said that they're trying to increase the take rates in the international operations, which you will see close to trend too. So my question is do you observe it.
Speaker Change: Increases on the take rates on your Pearson as well as on your sites are supposed to be getting it goes to you.
Speaker Change: So in terms of I can give some context for them to learn to today and I saw the gross contribution margin improvement, which was 270 basis points was also as a result of not only mix and increased service revenues, but also improve month in over her overall take rates.
Speaker Change: And as we have aspirations in increased profitability. This year. We are also seeing opportunity here and we will be continuing to find optimal rates that give us still make us relevant global wealth business, while optimizing for profitability.
Speaker Change: Okay.
Speaker Change: Thank goodness.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: As a final reminder.
Speaker Change: To register for a question please press.
Speaker Change: Star and one on your telephone.
Speaker Change: Yes.
Speaker Change: Yeah.
Ladies and gentlemen, there are no further questions at this time, sorry, Sabrina could you. Please hold on we have a question from of.
Sabrina: While our email.
Speaker Change: Oh, please provide an update on the competitive dynamics in Turkey has anything changed with your players are gaining market share versus smoothie.
Sabrina: And whether we're expecting to see to start to see a consumer slowdown in the second half of the year.
Sabrina: So let me start with the second question, our high level expectations for to Vantiv for other progress and the results continue to prove that our strategy works.
Sabrina: Our sustainable profitable growth will remain unchanged and we maintain our commitment to the strategic priorities, which I think is going to be very relevant for Turkey. In this changing macroeconomic context. We are also vitol. Your ecommerce penetration, we will be waiting expecting a higher b to b.
Sabrina: News from Egypt, and pain, and further solidify our group's position beyond to speed the more tough environment in the second powerful for you given the tight macro prudential pull the states. However, our ability to build on our strong value proposition other painless payment option and afford.
Sabrina: Dual activity will differentiate us and continue to make us relevant for consumer demand.
Sabrina: Think this also microcredit macro context.
Sabrina: Context, we have.
Sabrina: Provide other opportunities like Uber credits Cosmos.
Sabrina: Further differentiates us from other competitors as well so as much as that is an expectation for reduced demand in overall, Turkey Vitale. Your digital ports, a population coming to E. Commerce does have a right to win in this market economic context do you believe that.
Sabrina: We will be available and central throughout the year.
Sabrina: This brings me to answering the first question about competitors.
And if you start with the macroeconomic context bond they need for their for deposit we have divided the solution in the market by far.
Sabrina: B M P and shopping law with a wrong consumer financing company. That's mixed checkout that al I think these are going to be more and more relevant and will make us more competitive.
Sabrina: And also for on logistics, we have a very strong network that we are adding new features for data services.
Sabrina: Every month portable consumer said that so I think our competition given the domain and is it in Turkey, but we are the local player with high agility, why the step or double digit solution and with highest M. P. It and that's why I believe even continued to have right.
Sabrina: Covid intervention for in Turkey.
Sabrina: Okay.
Sabrina: Once again.
Sabrina: Okay.
Speaker Change: So okay. We have another question well email us or also for 2020 for revenues and margins.
Speaker Change: Our progress and results clearly prove that our strategy works, our focus on sustainable and profitable growth remains unchanged for 2024 as well.
Speaker Change: We maintain our commitment to proven strategic priorities, emphasizing precision and delivery services affordable shopping options and the exclusive benefits of our premium program.
Speaker Change: Additionally, the upward trajectory of our <unk> revenues as new home mentioned from hips. It have sujit NFC pay will further rise and solidify our group's position.
So.
In 2024.
We believe that we will continue to.
Speaker Change: Trends in our.
Speaker Change: Profitable growth trajectory like we have done in 2023.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: As a final reminder to register for a question. Please press star and one on your telephone.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Ladies and gentlemen, there are no further question at this time Ms Nilan back to you.
Nilhan Gokcetekin: Thank you so much for your patience and listening of our call. We wish you a an amazing day and then amazing evening. Thank you.
Nilhan Gokcetekin: Okay.
Speaker Change: The conference is now concluded and you may disconnect. Your telephone thank you for calling and have a good afternoon.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].