Talabat reports record US$7.4B GMV in 2024, revenue surges by 32%

MENA – Talabat Holding plc, the leading on-demand ordering and delivery platform in MENA, has released its unaudited preliminary pro forma financial results for 2024, reporting a 23% GMV (Gross Merchandise Volume) growth to US$7.4 billion and a 32% revenue increase to US$3 billion.

Talabat has released its first financial results since its successful public listing in December 2024, which marked the largest global technology IPO of the year and the first tech company to be listed on the Dubai Financial Market (DFM).

Gross Merchandise Value (GMV) increased by 23% year-on-year, reaching a record US$7.4 billion, in line with projections. Revenue saw a 32% increase, surpassing the upper end of forecasts, and totaled US$3 billion for the year.

Adjusted EBITDA rose by 55% to nearly half a billion US dollars, or 6.7% of GMV, exceeding expectations. Meanwhile, net income grew 64% to US$346 million, representing 4.7% of GMV, aligning with projections.

When adjusted for one-off, non-recurring items, normalized net income rose by 53% to US$393 million, equivalent to 5.3% of GMV.

This strong financial performance was fueled by GMV growth and margin expansion across both key operating regions: the GCC (UAE, Kuwait, Qatar, Bahrain, and Oman) and non-GCC markets (Egypt, Jordan, and Iraq).

Increased consumer demand, driven by new customer acquisition and higher order frequency, contributed to GMV growth.

Monthly active customers grew by 25% compared to the previous year, while order frequency among active customers increased by 8% year-on-year.

The expansion in margins resulted from improved monetization across non-commission revenue streams, delivery and service fees, and the tMart business, along with operational efficiencies.

Talabat CEO Tomaso Rodriguez highlighted 2024 as a milestone year for the company, with record GMV and financial results surpassing revenue and Adjusted EBITDA forecasts.

He noted that the strong fourth-quarter performance supports an increased dividend payment of US$110 million, pending final board approval and shareholder consent.

Rodriguez also emphasized the significance of Talabat’s IPO, which set a precedent as the first tech listing on the DFM and the largest tech IPO globally in 2024.

Looking ahead to 2025, he reaffirmed confidence in the company’s growth outlook, reiterating Talabat’s commitment to maintaining market leadership, enhancing its technology platform, and strengthening partnerships across its operational ecosystem.

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