Blibli's Net Revenue Increases 16%, Books IDR 7,7 Trillion in H12023

PT Global Digital Niaga Tbk (IDX: BUY) or Blibli posted a total net revenue of IDR 7,7 trillion in semester I (H1) 2023. This acquisition grew 16% from IDR 6,7 trillion in the same period the previous year. B2C line transactions contribute the most to the company's total revenue.

In the broadcast of the company's financial performance, 1P Retail revenue took the largest portion with IDR 3,9 trillion in the first half of 2023, but fell 6% (YoY) from IDR 4,1 trillion. The highest growth actually came from the 3P Retail segment of 710% even though the contribution was the lowest with IDR 567 billion.

Total Blibli's revenue also driven by annual growth from the Institutions and Physical Stores segments, respectively by 67% to IDR 1,2 trillion and 18% to IDR 2 trillion. Overall, the company said that the growth in net income boosted the consolidated gross profit margin by 690-bps (YoY) to 15,3%.

Please note, 1P Retail is a B2C trading platform segment for various products and services from first parties (1P). Meanwhile, 3P Retail is the sales segment of products and services from third parties (3P) covering platforms E-commerce and travel agents online (OTA).

Experience a net loss of IDR 1,7 trillion, a decrease of 29,7%

Blibli still suffered a loss of IDR 1,7 trillion in the first half of 2023, but shrank 29,7% (YoY) from a loss of IDR 2,4 trillion in the same period in 2022. This depreciation occurred due to a decrease in selling expenses and an improved cost structure.

Total Processing Value (TPV) in the first half of 2023 was recorded at IDR 36,7 trillion, up 52% ​​from IDR 24,1 trillion in the same period the previous year. The 3P Retail segment contributed the largest TPV with IDR 25,8 trillion, up 81% (YoY) from IDR 14,2 trillion, followed by 1P Retail IDR 4,4 trillion or down 3% (YoY).

Operating expenses to TPV fell to 7,9% (YoY) in the first semester of 2023. This decrease pushed the consolidated EBITDA performance by 520-bps (YoY) to -4,3%.

Blibli Co-Founder and CEO Kusumo Martanto revealed that financial performance in the first half of 2023 had shown a positive trend. However, he still ensures that he will continue to implement various strategies that lead to increased profitability performance.

"The strong performance improvement in the lifestyle category was supported by the recovery in the travel business online after the reopening of restrictions due to the pandemic in Indonesia. We will direct the focus on customer needs with a choice of product categories that differentiate us from competitors," he said in an official statement.

Strategy strengthening omnichannel

A number of other factors are also said to have contributed to improving the performance of companies that have only just gone public at the end of 2022, among them strategy strengthening omnichannel through the addition of 14 outlets consumer electronics during the second half of 2023. Blibli has also started the construction of a new warehouse which is designed to be a warehouse all-in-one-tech-powered in support of supply chain management and smart logistics.

Until now, Blibli has operated 156 outlets consumer electronics and 70 premium supermarket outlets. The number of users who completed at least one transaction on the Blibli platform and/or Tiket.com reached 3 million, up 9% from 2,8 million users.

Blibli has also released its shareholding in Halodoc through PT Polinasi Iddea Investama in order to be able to refocus on the core business and accelerate performance targets this year. With this divestment action, the company pocketed a transaction value of IDR 538 billion through PT Global Investama Andalan (GIA).

Intense industry competition E-commerce encouraging a number of major players to expand their verticals and strategies in order to strengthen their position in the market, starting from entering into segments e-grocery, food delivery, to fulfillment. 

Based on reports e-Conomy SEA 2022, the value of the e-commerce industry is estimated to reach $ 59 billion in 2022 and is expected to become an industry driving the digital economy in Indonesia. although offline shopping activity has started to increase. As for. e-commerce accounts for 77% of the entire digital economy in Indonesia.