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Blibli Experiences a Net Loss of IDR 878 Billion in the First Quarter of 2023

Pursue profitability by strengthening business synergy between Blibli, Tiket.com and Ranch Market

PT Global Digital Niaga Tbk (IDX: BUY) or Blibli just released the financial performance results for the first quarter of 2023. Blibli experienced a net loss of IDR 878 billion, but shrank 17,8% from IDR 1,06 trillion in the first quarter of 2022. The company recorded revenue growth of 20,88% to IDR 3,82 trillion from the same period last year of IDR 3,16 trillion.

Total Processing Value (TPV) grew by 78% to IDR 17.915 billion in Q1 2023 from IDR 10.053 billion in Q1 2022. This increase was driven by improved performance in most business segments, especially with the recovery of the online travel business in Indonesia and requests from digital & other product categories. Both had a positive impact on 3P Retail TPV, which grew by 136% in Q1 2023.

The growth of the company's TPV and net income was also supported by organic growth, as seen from the increase in the number transaction users from 1,6 million users to 1,9 million users. The Average Order Value (AOV) also increased by 95% to IDR 1.643.425 in the first quarter of 2023 from the same period last year which was around IDR 842.245.

Apart from that, Blibli also recorded an increase in user quality, reflected in the increase in the amount of spending per user in retail and institutional businesses, amounting to 71% and 7% respectively in the first quarter of 2023 (YoY). This resulted in the Company recording a better consolidated gross profit margin from 9,5% to 15,1% in that period.

This positive growth can be attributed to the company's focus on customer experience, innovation, and partnerships with local businesses. Despite the challenges posed by the COVID-19 pandemic, Blibli strives to continue to develop and expand its business. The company claims to be able to adapt to current conditions, leveraging its technological and logistics capabilities to meet the changing needs of its customers.

The company's assets as of March 31 2023 were recorded at IDR 13,88 trillion, down compared to last year's IDR 14,08 trillion. Liabilities rose to IDR 4,28 trillion from IDR 3,59 trillion at the end of last year. Meanwhile, equity as of March 31 2023 decreased to IDR 9,6 trillion from IDR 10,48 trillion as of December 2022.

Business focus 2023

In 2022, strategy omnichannel and an integrated lifestyle is carried out by strengthening business synergies on three main platforms, namely Blibli, tiket.com, and Ranch Market. Strengthening partnerships with brand principal also continues to be carried out, including with global leading brands, like Apple and Samsung. Apart from that, Blibli also continues to invest in the B2B sector to strengthen its leadership in the institutional segment.

By the end of 2022, Blibli has developed its logistics and supply chain infrastructure by 15 warehouse in more than 30 distribution centers, and supported by 1PL services and collaborating with more than 20 3PL partners, so that currently the Company is able to send products to end consumers with a 2-Hour Delivery Service (2-hour delivery) for more than 300.000 SKUs to more than 40 cities throughout Indonesia.

In 2023, the company will focus on developing and strengthening various potential synergies within the ecosystem to encourage cross-selling (cross-selling) between platforms, as well as strengthening the omnichannel strategy through wider expansion of physical stores.

"While not immune to the market climate in which our business operates, we start 2023 with optimism to be able to overcome all the challenges ahead and have full confidence in achieving better growth in a sustainable manner, and ultimately bringing us closer to profitability," said Blibli Co-Founder and CEO Kusumo Martanto in his official statement.

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