Before it’s everywhere, it’s in FWDstart. Subscribe for $99 and save 17% on the first year to stay ahead.
Delivery Hero’s MENA business added roughly €840 million of GMV in the first half, but adjusted EBITDA still fell year on year, according to the company’s latest published financials.
Regional GMV rose 11.6% to €8.1 billion, faster than every Delivery Hero market except the much smaller Americas business, while adjusted EBITDA slipped to €252 million from €256.2 million a year earlier.
MENA accounted for 31.5% of group GMV and 59% of adjusted EBITDA, leaving Delivery Hero almost as dependent on the region as when FWDstart last examined the numbers, but with its largest profit pool no longer expanding.
Delivery Hero doesn’t formally break out the businesses that make up the segment individually, but on our reading MENA comprises Talabat, HungerStation in Saudi Arabia and Yemeksepeti in Türkiye. Talabat reports separately, allowing a reasonable estimate of what the other two contribute.
Talabat’s first-half adjusted EBITDA of $277 million converts to roughly €237 million at the period’s average exchange rate of about $1.17 to the euro. Against €252 million for Delivery Hero’s entire MENA segment, that means Talabat accounted for roughly 94% of regional profit despite representing only around 59% of GMV.
HungerStation and Yemeksepeti, by implication, produced something in the region of…
