Blibli-Tiket Announces Q2 2024 Performance: Revenue Rises Slightly, Losses Reduced to 38 Percent

PT Global Digital Niaga Tbk (BEI: BELI), parent Blibli, Tiket.com, Ranch Market, and Dekoruma, reported the latest financial performance results. Despite facing economic challenges, the company demonstrated resilience and positive growth.

In the first semester of 2024 (1H24), Blibli-Tiket succeeded in reducing consolidated EBITDA losses by 38% year-on-year (YoY) --- from IDR 1.587 billion in 1H23 to IDR 1.048 billion in 1H24. Gross margin also increased from 15,3% in 1H23 to 19,7% in 1H24, reflecting better operational efficiency.

The company's consolidated net income increased by 1% YoY --- from IDR 7.776 billion in 1H23 to IDR 7.852 billion in 1H24.

A better cost structure is reflected in the decrease in the percentage of Operational Expenses to Total Processing Value (TPV) from 7,9% in 1H23 to 7,5% in 1H24. This increase drove consolidated EBITDA growth to TPV from -4,3% in 1H23 to -2,9% in 1H24.

"We started this year going through a period of economic challenges and demand variability prior to the election, however I can happily say that the company has demonstrated resilience and extraordinary margin growth throughout the first half of this year which is in line with the Company's focus towards profitability. Resilient performance "This underscores the strength of our business model and the solid foundation we have built for continued success," he said Blibli-Tiket CEO Kusumo Martanto.

Strategic innovation and expansion

The company's commitment to improving user experience can be seen from the launch of the Unified Membership feature which provides unlimited access to the Blibli-Tiket ecosystem. Construction of a new warehouse in Marunda is also almost complete and is expected to start operating in October 2024.

In addition, the acquisition of approximately 99,83% shares in decoration expanding the scope of product categories home and living.

With these various innovations, the following is the performance for each of the company's business lines:

• 1P retail: Experienced a slight decrease in GPBD of 6% yoy in 2Q24. However, rationalization increased the Take Rate significantly.
• 3P retail: GPBD grew by 21% YoY in 2Q24, driven by improved margins from B2C businesses and strong demand in OTA businesses.
• Institution: Showed significant growth with GPBD increasing by 292% YoY in 2Q24. The quality of institutional clients has also improved.
• Physical Store: GPBD grew rapidly by 23% YoY in 2Q24, driven by increased sales volume and expansion of the consumer electronics store network.

"Growth strategy omnichannel "selective efforts, strict efforts to increase gross profit, and disciplined cost control have been effective in improving our consolidated EBITDA loss performance by 38% YoY in 2Q24," said Blibli-Tiket CFO Ronald Winardi.

In the future, Blibli is committed to continuing to innovate and expand its strategy omnichannel. The company is committed to providing a better and more sustainable shopping experience for customers, as well as maintaining a course of profitability.

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Disclosure: This article was produced with AI technology and supervision of the content writer