Bukalapak Earns IDR 1,1 Trillion in Revenue in Q2 2023
Marketplace is the main contributor to Bukalapak's growth, an increase of 74% (YoY)
PT Bukalapak.com Tbk (IDX: BUKA) recorded total revenue of IDR 1,1 trillion in the second quarter of 2023, an increase of 30% compared to the same period the previous year of IDR 903 billion.
As stated in the unaudited financial performance summary, the main contributor to Bukalapak's revenue growth was Marketplace with a 74% (YoY) increase to IDR 684 billion, followed by O2O revenue of IDR 521 billion with a 5% (YoY) increase.
Then, Bukalapak's Total Processing Value (TPV) increased 13% (YoY) to IDR 41,1 trillion, of which 70% came from transactions outside the region. tier 1 in Indonesia. Bukalapak assesses that this portion illustrates the results of applying the model all-commerce and digitization of traditional retail stores.
During this period, the number of Bukalapak partners also increased by 21% to 17,1 million from the second quarter of 2022, which was around 14,2 million partners. The TPV generated per Partner is around IDR 14,9 million, growing 11% from the same period last year.
"Like the previous quarter, the second quarter of 2023 was a good quarter for us. The Marketplace business as well online-to-offline (O2O) continues to deliver great results across our apps and platforms. We are confident in realizing our long term mission to be profitable in the fourth quarter of 2023 after recording improvements adjusted EBITDA for six consecutive quarters," said Bukalapak President Teddy Oetomo in his official statement.
Bukalapak also reported that its efficiency efforts in managing general and administrative expenses (G&A) shrank 27% to IDR 265 billion. Meanwhile, Bukalapak is recorded as having a total cash of IDR 19,8 trillion as of June 30 2023.
The contribution margin reached IDR 124 billion, a significant increase of 622% (YoY) from a loss of IDR 24 billion in the same period last year. The increase was driven by a decrease in selling and marketing costs as a percentage of TPV to 0,42% from 0,75%.
Focus on profitability
Although still negative adjusted The company's EBITDA was recorded to have improved with a 65% (YoY) increase to minus IDR 125 billion in the second quarter of 2023 from minus IDR 360 billion previously. This figure reflects a 30% increase from the initial projection adjusted EBITDA loss around IDR 150 billion-IDR 175 billion.
"We are very satisfied with this performance result because we were able to maintain strong revenue growth and increase towards profitability in all of our segments, while maintaining a strong financial condition. Therefore, we remain confident in sticking to our projections in achieving a profit at the end year with base adjusted EBITDA," he said.
Teddy said that the company is focused on maintaining good performance throughout 2023 by starting to perform well in this half of the year. "The strategy to improve margins continues, and our business has good momentum and excellent future growth opportunities. Growth towards sustainable profitability remains our core commitment and we are optimistic we can continue to deliver the best to our shareholders in the long term ." Close it.