Digikala filing shows a 1.6% net margin at its Iranian marketplace

Digikala’s marketplace operator earned 381 billion tomans in net profit on more than 23.268 trillion tomans in operating revenue in the six months through Sept. 22, 2025, according to a bond registration filing. That put the Iranian e-commerce company’s net margin at about 1.6%.

The filing, posted on Iran’s securities disclosure platform, Codal, gives the first standalone look on that platform at the revenue and profit of Noavaran Fan Avazeh, the company that runs the marketplace. Earlier disclosures in the financial statements of shareholder Mobile Communications Company of Iran covered the wider Digikala Group.

The six-month revenue and net profit were equivalent to roughly $220 million and $3.6 million, respectively, using the open-market closing rate of 104,400 tomans per dollar on Sept. 22, 2025.

Financing costs absorbed nearly two-thirds of operating profit

Operating costs totaled about 22.3 trillion tomans, leaving about 946 billion tomans in operating profit. Financing costs came to 606 billion tomans, equivalent to 64% of that profit, up from 45% in the previous full Iranian year. With about 116 billion tomans in nonoperating income and 74 billion tomans in tax, the company reported 381 billion tomans in net profit.

In the full Iranian year 1403, which ended in March 2025, the marketplace operator recorded about 29.686 trillion tomans in operating revenue, up about 82% from the prior year. Net profit more than doubled, from 405 billion to 839 billion tomans. Those increases were in nominal terms and partly reflected inflation. The full-year net margin was 2.83%, compared with about 1.6% in the latest six-month figures.

The first-half figures offer a limited guide to full-year revenue. The second half of the Iranian year is usually stronger for sales, with Black Friday promotions and Yalda, the winter solstice celebration. Internet disruptions the following winter also affected Digikala’s revenue.

A bond offering to buy inventory

Digikala sells goods directly and hosts independent merchants. In the full Iranian year 1404, the company said third-party sellers accounted for 59% of the net value of goods sold on the platform. Digiato’s coverage of marketplace sales

The filing outlines a 2 trillion-toman offering of murabaha bonds, a form of Islamic financing, to fund inventory purchases and provide working capital. Digikala expects to pay suppliers in cash and secure discounts that would reduce purchasing costs. The projected savings in the filing are company estimates.