Bukalapak Pockets Net Profit of IDR 8,59 Trillion in Semester I 2022

PT Bukalapak.com Tbk (IDX: BUKA) pocketed a net profit of Rp. 8,59 trillion or skyrocketed 1.220% in the first semester of 2022 from a loss of Rp. 763 billion in the same period last year. This net profit is the result of the value of his investment in PT Hello Bank Tbk (IDX: BBHI).

However, Bukalapak still recorded EBITDA minus Rp732 billion with a ratio of adjusted EBITDA to Total Processing Value (TPV) improved from -1,2% to -1% in the first semester of 2022.

"Although we have recorded a net profit, we are still focused on operational performance. Therefore, we continue to use adjusted EBITDA as an indicator of company performance," said Bukalapak's management statement in its official statement.

Based on the financial report, Bukalapak posted a total revenue of Rp1,6 trillion, up 96% from the same period last year which was around Rp863 billion.

If broken down, revenue from Mitra's business line rose 235% to Rp969,3 billion. Meanwhile, Mitra's revenue contribution crawled from 33% to 55% (YoY).

Meanwhile, the Marketplace line pocketed revenue of Rp. 648 billion or grew 22,4% (YoY). Marketplace accounts for 38% of Bukalapak's total revenue. The Open Procurement Line also recorded a growth of 65% to Rp73,5 billion even though it only contributed 4,3% to revenue.

Bukalapak's contribution margin increased from -0,2% to -0,1%. This margin is calculated as gross profit minus selling and marketing expenses against TPV. Meanwhile, Partner's contribution margin to Mitra's TPV improved from -0,5% to -0,4%. The ratio of general and administrative expenses to TPV also improved to 1% from the same period last year of 1,2%

TPV Partner

Furthermore, Bukalapak posted a total TPV of IDR 70,6 trillion in the first semester of 2022, an increase of 25% compared to the same period last year. Of this total, TPV Mitra contributed Rp34,9 trillion with an increase of 46% (YoY).

In the second quarter alone, the total TPV increased by 24% to Rp. 36,5 trillion, of which TPV Mitra contributed Rp. 17,7 trillion. According to the company, as much as 75% of the total TPV is donated from outside the region tier 1 thanks to the strong growth in the digitization of traditional warungs and retail stores.

Currently, Bukalapak has 14,2 million offline warung partners and 6,8 million online merchants. Meanwhile, Bukalapak seeks to encourage the utilization of the Partner line, Marketplace, online channels, including: specialized platforms (my items, Allo Fresh, and Bmoney) to monetize their traffic.

In public exposure Some time ago, Bukalapak President Teddy Oetomo revealed that he was strengthening financial services as the backbone of all Bukalapak business lines. Its main mission is to increase financial inclusion for shop owners or MSMEs at Mitra Bukalapak.

As of the end of June 2022, Bukalapak's cash position reached Rp20 trillion.