Bizim Toptan Satis Magazalari (BIZIM) Q4 2024 earnings summary

Executive summary

• Largest cash & carry company in Turkey by store count and geographic reach, with 182 stores in 72 cities as of 2024.

• Achieved TL 38.2 billion in sales revenue for 2024, serving a diversified customer base through multi-channel sales.

• Debt-free balance sheet with no foreign exchange exposure and strong CRM capabilities.

• Shareholder structure: 66.6% Yıldız Holding, 33.4% public.

• In BIST Sustainability Index since 2020.

Financial highlights

• FY2024 consolidated sales revenue (exc. TAS 29): TL 38.2 billion, down 17.8% year-over-year; Q4 sales: TL 9.1 billion, down 10.9% from Q4 2023.

• Gross profit (exc. TAS 29) up 14.6% year-over-year to TL 5.2 billion; Q4 gross margin improved to 18.0% from 17.8% in Q3.

• EBITDA (exc. TAS 29) up 29% year-over-year to TL 1.6 billion; Q4 EBITDA margin rose to 6.7% from 5.1% in Q3.

• Net income (exc. TAS 29) for FY2024: -TL 1.65 billion, with a net margin of -5.0%; Q4 net margin at -8.0%.

• Operating expenses (exc. TAS 29) increased 14.8% year-over-year; OPEX/sales ratio improved by 110 bps sequentially in Q4.

Outlook and guidance

• Store optimization and conversion to "Bizim Gross" format to continue in 2025, with a few closures expected.

• Focus remains on cost efficiency, margin improvement, and expanding individual customer base.