13 hours ago
Talabat Forecast Upgrade Follows Strong Quarter
TDT | Manama
Talabat Holding plc has raised its full-year growth forecasts after a second quarter surge powered by post-IPO expansion and the rapid uptake of its talabat pro loyalty programme across GCC and non-GCC markets.
The Dubai-headquartered delivery platform posted a 32 per cent yearon-year rise in gross merchandise value (GMV) to USD 2.4 billion for the quarter, with revenue up 35pc to USD 982 million. Adjusted EBITDA rose 31pc to USD 166m, maintaining a margin of 6.8pc, while net income climbed 33pc to USD 119m, or 4.9pc of GMV.
Citing continued momentum in customer acquisition and order frequency, the company lifted its GMV growth target for the year to 27-29pc, up from 17-18pc. Revenue growth is now projected at 29-32pc, compared with an earlier 18-20pc. Adjusted EBITDA margin is expected at 6.5pc, net income margin at 5pc, and adjusted free cash flow at 6pc.
Talabat credited its performance to both core GCC markets – including Bahrain, Kuwait, UAE, Qatar and Oman – and faster growth from Egypt, Jordan and Iraq. The UAE remained its largest market, while Kuwait delivered over 20pc growth for both the quarter and first half.
The company also reported robust performance in its Food vertical and faster gains in its Grocery & Retail segment, supported by a higher share of subscription and tMart revenues. The GCC accounted for 83pc of GMV in Q2, with non-GCC markets making up the remaining 17pc.
