Bukalapak Announces Q2 2024 Performance: Revenue Increases 6 Percent, Although Still Recording Losses

Bukalapak (IDX: BUKA) announced its unaudited financial performance for the second quarter ended June 30, 2024 (Q2 2024). Even though second quarter revenue increased 6% from the previous quarter, reaching IDR 1.244 billion, the company still recorded a loss Adjusted EBITDA amounting to -Rp. 41 billion.

This revenue growth was mainly driven by the Marketplace division which performed with an increase of 26% during the quarter. Core revenue increased more than threefold to IDR 306 billion compared to the same period last year.

Losses decreased from the previous year

Despite recording a loss, Adjusted EBITDA increased IDR 84 billion compared to last year, indicating improvements in the company's loss reduction efforts. Contribution margin also increased 30% from quarter to quarter, reaching IDR 162 billion in Q2 2024 from IDR 124 billion in Q1 2024.

divisi Online-to-Offline (O2O) experienced 17% growth in the first half of 2024 compared to last year, driven by an increased range of products and services. Ramadan which falls in March has a significant impact on O2O revenue. Despite a decline in shopping during the Eid al-Fitr holiday season, overall, revenue remained up 11% in the first half of this year compared to last year.

Efficiency and innovation strategies to reduce losses

Bukalapak continues to invest in innovation and operational efficiency. G&A Expenses (general & administrative) return to normal as in the second quarter of 2023. Investment in technology is key to driving cost efficiency and speeding up transaction execution times. With cash of IDR 19 trillion, Bukalapak has a strong capital position to invest in innovation and expand the market.

“Patience and perseverance are the foundations of management. "We focus on profitable and sustainable growth and creating real value for all stakeholders," said Bukalapak President Teddy Oetomo.

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