1. Startups

Bukalapak Achieves Positive Adjusted EBITDA in Q1 2024

Net loss shrank to IDR 41 billion from the same period last year which amounted to IDR 1 trillion

PT Bukalapak.com Tbk (IDX: BUKA) achieved positive adjusted EBITDA of IDR 15 billion in the first quarter of 2024 from minus IDR 209 billion in the first quarter of 2023. However, BUKA still experienced a net loss of IDR 41 billion, shrinking from a loss of IDR 1 trillion in the period same last year.

"For the first time, we achieved profits on an adjusted EBITDA basis throughout the first three months of 2024. This result was achieved through strong revenue growth, take rate which continues to increase - especially in the O2O segment - as well as controlling operational costs," said Bukalapak President Teddy Oetomo in his official statement.

The core income is IDR 185 billion in Q1 2024. Core income is calculated as reported net profit excluding investment gains/losses, exchange rates, goodwilland non-recurring items.

Then, net income rose 16% to IDR 1,1 trillion, which was mainly supported by the Online to Offline (O2O) business. In detail, revenue from the O2O segment rose 31% (YoY) to IDR 638 billion, while the Marketplace segment rose 2% (YoY) to IDR 530 billion.

However, the Procurement line did not contribute revenue in Q1 2024 from the position of earning IDR 7 billion in revenue in Q1 2023. From monitoring DailySocial.id di official site, it is written that SIPLah BukaPemadaan is being frozen.

Marketplace contribution margin fell 12 basis points to 0,57%, but O2O contribution margin rose 23 basis points to 0,13% from minus 0,1%. Then, take rate overall rose 31 basis points to 2,8%, while Total Processing Value (TPV) rose 3% YoY) to IDR 41,7 trillion.

Currently, BUKA focuses on four business divisions, including Partners, Mobile & Console Games, O2O, and Finance.

"Commitment to providing the best service for customers is key. This is done through investment and innovation in customer value propositions, offering various choices, user experience in applications and delivery," he added.

Apart from freezing the Procurement business, several months ago it was OPEN close service paylater Open Installments after operating for five years.

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The company focuses on efficiency and cost discipline, which is now reflected in a significant reduction in general and administrative costs by 36% (QoQ) to IDR 208 billion.

BUKA is recorded as having a capital base, capital ratio and financial balance sheet with cash, cash equivalents and liquid investments worth IDR 19,1 trillion.

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