D-Market reports no dividend as it appoints new board members

ISTANBUL, September 17, 2024 – D-MARKET Electronic Services & Trading, also known as Hepsiburada, announced today that its shareholders decided against a dividend distribution for the fiscal year 2023 due to the absence of generated profit. This decision was made during the company's Ordinary Annual General Assembly of Shareholders (AGM) held on September 12, 2024.

The AGM, convened in compliance with the Turkish Commercial Code and other relevant regulations, saw shareholders approve the audited consolidated financial statements for the year ended December 31, 2023, and release the members of the Board of Directors from their duties for the same fiscal year.

Additionally, the AGM approved the remuneration for independent board members, setting an annual payment of $100,000 for board service, $20,000 for chairing each committee, $10,000 for committee membership, and a fixed monthly payment of $10,000 for temporary committee membership.

The company also announced the appointment of Mr. Ahmet Toksoy and Mr. Mehmet Erol Çamur as new board members. Furthermore, the AGM approved the elections of Mr. Hasan İlker Yöney and Mr. Hikmet Ersek as board members, expanding the Board of Directors from nine to eleven members. Their tenure will last until August 25, 2026.

Mr. Yöney brings extensive investment management experience from his role as CEO of Doğan Family Office and previous positions with the European Bank for Reconstruction and Development and other financial institutions. Mr. Ersek, a former CEO of Western Union (NYSE:WU), adds significant global financial services expertise to the board.

In addition to board appointments, the shareholders authorized the purchase of 4,615,384 Class B shares from TurkCommerce B.V. for a total consideration of USD 5,732,306.93, and renewed the directors and officers' (D&O) insurance policy. They also granted the Board of Directors permission to make donations and grants within the fiscal year up to a limit of 2 per thousand of the company's total assets.

PwC Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik A.Ş. was appointed as the independent auditor until the next AGM, where the company's 2024 activities will be reviewed.

In other recent news, Western Union reported steady growth in its second quarter 2024 results, despite a 7% decrease in adjusted revenue to $1.07 billion, largely due to uncertainties in Iraq.

The company witnessed a 5% growth in consumer money transfer transactions and a 14% adjusted revenue growth in its consumer services segment, attributed to an enhanced customer experience and expanded digital and retail services. Western Union's 2024 outlook remains unchanged, projecting adjusted revenue between $4.150 billion and $4.225 billion, and adjusted earnings per share (EPS) in the range of $1.70 to $1.80.

The company's strategic advancements have led to four consecutive quarters of mid-single digit transaction growth, and according to the World Bank, it is regaining market share. Western Union's focus on establishing direct connections with banks and real-time payout networks has further improved customer experience.

Despite revenue challenges in Iraq and licensing requirements in the Middle East, the company remains optimistic about market opportunities and its strategic initiatives. These recent developments underscore Western Union's resilience and commitment to strategic growth amid global uncertainties.

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