Bukalapak's Loss Swells To IDR 1.6 Trillion In 2021, Even Though Revenue Grows 38 Percent To IDR 1.9 Trillion

Illustration. (Photo: Doc. Bukalapak)

JAKARTA - The e-commerce company, PT Bukalapak.com Tbk (BUKA) recorded an increase in performance on the revenue side. However, Bukalapak's net loss will swell in 2021.

In Bukalapak's financial report, quoted on Thursday, April 14, the company recorded revenue growth of 38 percent from the previous year to Rp1.9 trillion. The revenue for the Bukalapak Partner segment grew by 311 percent to Rp 818 billion.

Mitra Bukalapak's contribution to the Company's revenue increased from 18 percent in the fourth quarter of 2020 to 62 percent in the fourth quarter of 2021. Meanwhile, the Total Processing Value (TPV) during the fourth quarter of 2021 grew by 29 percent to Rp. 34.7 trillion and grew 44 percent annually. percent to Rp122.6 trillion.

Bukalapak's TPV growth was supported by an increase in the number of transactions by 26 percent and a 14 percent increase in Average Transaction Value (ATV) throughout 2020 (FY20) to 2021.

As many as 73 percent of the Company's TPV come from outside Tier 1 areas in Indonesia. This is because all-commerce penetration and the trend of digitizing stalls and traditional retail stores continue to show strong growth.

Management claims Mitra Bukalapak is the main driver of the company's growth. This is because Partner TPV in 2021 will increase by 147 percent to IDR 56.2 trillion compared to the same period the previous year.

Partner ATV in 2021 grew by 43 percent compared to 2020. This is supported by the growing variety of products and services offered by Bukalapak to Partners.

At the end of December 2021, the number of registered partners reached 11.8 million, an increase from 6.9 million at the end of December 2020. Bukalapak also reduced its Earning Before Interest, Taxes, Depreciation, and Amortization (EBITDA) losses.

EBITDA losses in 2021 were 6 percent better than the same period last year, with the ratio of EBITDA losses to TPV improving to 1.3 percent from 1.9 percent in the same period last year.

Furthermore, the management stated that it was able to reduce its operating loss by 7 percent to Rp. 1.709 trillion from Rp. 1.838 trillion in 2020. However, the company's net loss increased by 24 percent to Rp. 1.676 trillion from Rp. 1.349 trillion in 2020.

The increase in losses is because Bukalapak received a tax credit of Rp.483 billion in 2020. In addition to improving efficiency accompanied by strong growth, Bukalapak also has a strong capital with a cash position of Rp. 24.7 trillion at the end of December 2021.