Talabat’s Revenue Stood at $2.01 Billion in 2024

After a record smashing global technology IPO raising $2 billion in last December, Talabat Holding, the leading on-demand online ordering and delivery platform in the MENA region, on Friday said that its revenue stood at $2.01 billion in 2024, a growth 32% compared with the previous year.

Releasing the unaudited preliminary pro forma financial results for the three-month and twelve-month periods ended 31 December 2024, Talabat said that its Gross Merchandise Value (GMV) grew 23% for the year versus the prior year.

The revenue growth exceeded the top end of guidance to reach $820 million for the year and the adjusted EBITDA grew 55% to almost $500 million, or 6.7% of GMV. The net income grew 64% to $346 million or 4.7% of GMV, in line with expectations.

On a normalised basis, adjusting for material non-recurring items to allow for a like-for-like comparison, net income grew 53% to $393 million or 5.3% of GMV, Talabat said.

Underpinning this strong performance was GMV growth and margin expansion across both geographical segments, GCC (comprising our operations in the UAE, Kuwait, Qatar, Bahrain and Oman) and non-GCC (comprising our operations in Egypt, Jordan and Iraq).

The GMV growth was driven by stronger consumer demand through new customer acquisition as well as increased order frequency. Monthly active customers served by talabat increased 25% versus the prior year, whilst the average order frequency of active customers increased 8% y-o-y.

The margin expansion was driven by stronger monetisation across non-commission revenue, delivery & service fees, and its tMart business, as well as operating efficiencies.

The company is on track to pay dividends of $110 million, reflecting an upward adjustment from the previously disclosed minimum dividend payment of $100 million, following its strong fourth quarter performance and in line with its dividend policy.

The final dividend amount remains subject to the Board of Director’s recommendation and shareholders’ approval at the upcoming Annual General Meeting to be held in April 2025.

Landmark Year

Talabat CEO Tomaso Rodriguez said that 2024 was a landmark year for Talabat and its achievements underscored the strength of its growth strategy and the dedication of the teams across all eight countries in which it operates.

“We are also proud of our successful IPO as the first technology listing on the Dubai Financial Market (DFM) and the largest technology IPO in 2024 globally. Looking ahead to 2025, we are confident in our reiterated guidance and our ability to continue driving sustainable growth and profitability. We remain focused on expanding our market leadership, enhancing our technology platform, and strengthening our partnerships across the ecosystem,” he added.