Bukalapak Shows Performance in 2022, Prints a Net Profit of 1,9 Trillion Rupiah
Influenced by profit from investment value in Allo Bank, while adjusted EBITDA is still negative
PT Bukalapak.com Tbk (IDX: BUKA) printed net profit of IDR 1,9 trillion throughout 2022. This score is inversely proportional to the performance of the previous year which recorded a loss of IDR 1,67 trillion.
Based on the 2022 financial report, this net profit was obtained from a 94% increase in net income to IDR 3,61 trillion from the previous year of IDR 1,86 trillion. Meanwhile, revenue growth was driven by Partners' revenue which rose 141% to IDR 1,96 trillion. This makes Mitra's contribution to the company's total revenue increase from 44% to 54%.
Meanwhile, the company's operating profit grew 203% to IDR 1,7 trillion, a rapid increase from the previous loss of IDR 1,7 trillion. The factor is caused by the return on investment value market-to-market from Hello Bank.
"Even though it has recorded a net profit in 2022, the company continues to focus on operational performance. Therefore, the company's management continues to use adjusted EBITDA as a performance indicator," wrote BUKA management in an official statement, Tuesday (28/3).
Furthermore, Total Processing Value (TPV) from Partners showed a positive trend of IDR 73,6 trillion or grew 31%. This growth factor is due to the growing variety of products and services offered by the company to its partners. In the latest data, the number of Partners registered reached 16,1 million, up from 11,8 million in 2021.
Not only that, OPEN also recorded adjusted EBITDA of -Rp 235 billion in the fourth quarter of 2022. Ratio adjusted EBITDA against TPV showed an increase from -1,1% in the first quarter of 2021 to -0,6% in the fourth quarter of 2022.
The company said that currently it still has strong capital with a cash position, including current investments such as government bonds and mutual funds of IDR 20,3 trillion. With an average quarterly interest income and quarterly increase in EBITDA, BUKA has cash runway for more than 50 years.
Pursue positive EBITDA in 2023
Not only BUKA, other technology companies are chasing targets towards positive EBITDA before closing 2023. GOTO previously announced that adjusted EBITDA is targeted to be positive in the fourth quarter of 2023. This target is faster than previously estimated, as well as the consensus of analysts who had predicted this achievement could be realized in 2024. Some even said it could only be positive in 2025.
SeaGroup also targeting to be positive by the end of this year. Parent Shopee recorded a net profit of $4228 million in the fourth quarter of 2022, growing positively from a loss of $616,3 million on an annual basis. year-on-year. This profit performance was supported by Shopee and SeaMoney.
In the fourth quarter of 2022, profit after adjusted Shopee's EBITDA was $196,1 million, far better than the same period in the previous year which posted a loss of $877,7 million. adjusted EBITDA in 2022 still lost $1,7 billion, but improved from the previous $2,6 billion.
Next, Grab optimistic about achieving positive EBITDA in the same period with GOTO and Sea Group. In 2022, Grab posted revenue of $1,43 billion, up from the previous year's $675 million. This hike helps Grab slashed EBITDA losses to $1,74 billion from $3,56 billion previously.
However, to achieve positive EBITDA the company must sacrifice rapid growth. This can be seen from the total transactions on the platform Grab 'only' grew 24%, lower than the previous 56%. Various incentives were also reduced in order to reduce the rate of making a loss, which has now decreased to $391 million from the previous $1,1 billion.