Q4 2024 BIM Birlesik Magazalar AS Earnings Call Transcript
Key Points
- Bim Birlesik Magazalar AS (BMBRF) achieved a 10% year-over-year growth in annual net sales, reaching TRY520 billion.
- The company successfully opened 1,101 new stores in 2024, expanding its presence significantly.
- EBITDA margin met expectations at 7.5% despite challenges, indicating strong cost management.
- The company is investing heavily in sustainability, with plans to allocate TRY4 billion to sustainability projects in 2025.
- Bim Birlesik Magazalar AS (BMBRF) maintained a strong cash position, with net cash increasing to TRY8.2 billion by the end of the year.
- Traffic numbers remained negative in the fourth quarter, with consumer spending declining due to no secondary minimum wage hike.
- The company did not benefit from the shift to modern retailers in tobacco and alcoholic beverage categories, impacting traffic negatively.
- Operating expenses increased, with personnel expenses being the main driver, affecting the OpEx to sales ratio.
- The effective tax rate increased in the fourth quarter, negatively impacting net income.
- There are ongoing investigations by competition authorities, which could pose potential risks to the company.
Dear analysts and investors, welcome to BIM Birlesik Magazalar's fourth quarter 2024 financial results webcast. I am Akif Dasiran, Head of Investor Relations and Sustainability, and I am pleased to be joined today by our CFO, Fatih Meriç. We hope you have had a chance to download our investor presentation from our website.
Please note that this presentation includes both inflation adjusted and unadjusted figures to facilitate a clear quarterly comparison for our investors. Now I would like to hand it over to Mr. Meriç, who will provide an introduction and key highlights of the quarter.
Thank you, Akif. Hello, everyone. Let's begin with the key highlights of the year. Before diving into the details, please note that all the figures on this slide are inflation adjusted. For 2024, our annual net sales reached TRY520 billion, reflecting 10% year-over-year growth.
Our ongoing store expansion
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