Incredible, Bukalapak Can Finally Earn Rp8.59 Trillion Profit From Previously Lost Rp767 Billion, Soared 1,209 Percent!

Photo: Doc. Bukalapak

JAKARTA - The e-commerce company, PT Bukalapak.com Tbk (BUKA) managed to reap a profit for the current period attributable to owners of the parent entity of Rp8.59 trillion in the first semester of 2022. This achievement rose sharply by 1,209 percent compared to the same period last year which recorded net loss of IDR 767 billion.

In BUKA's financial report, quoted on Tuesday, August 2, the company's net profit achievement in the first six months of this year cannot be separated from the market-to-market investment gain of PT Allo Bank Indonesia Tbk (BBHI). Including, the company's revenue growth in the second quarter of 2022 by 105 percent to IDR 903 billion, so that BUKA's revenue throughout the first semester of 2022 rose 96 percent to IDR 1.6 trillion compared to the same semester of 2021 which amounted to IDR 863 billion.

The increase in the company's revenue in the second quarter of 2022 was contributed by Partners' income, which increased 242 percent to Rp498 billion. Therefore, Mitra's revenue in the first semester of 2022 grew 235 percent to Rp970 billion.

VP of Corporate Secretary Perdana Arning Saputro said that Mitra Bukalapak's contribution to the company's revenue showed an increase from 33 percent in the second quarter of 2021 to 55 percent in the second quarter of 2022.

"The company is committed to focusing on strategy in order to achieve strong and sustainable growth accompanied by good expense management," said Perdana in a written statement.

The company's commitment is quite reasonable, because Mitra Bukalapak is the main driver of growth in the company's performance in the first semester of 2022. Where, Partner's Total Processing Value (TPV) in the second quarter of 2022 increased by 25% to Rp 17.7 trillion and in the first semester of 2022 grew 46 percent to Rp 35 trillion compared to the same period last year.

The growth of these partners is due to the growing variety of products and services offered by Bukalapak to partners. As a result, at the end of June 2022, the number of registered Partners reached 14.2 million, or an increase of 27% from the previous 11.8 million at the end of December 2021.

It doesn't stop there, in the first semester of 2022, the ratio of the company's general and administrative expenses (excluding share-based compensation) to TPV also improved to 1.0 percent compared to the previous 1.2 percent.

Bukalapak's contribution margin which is calculated as gross profit minus selling and marketing expenses for TPV shows an increase from -0.2 percent in the first semester of 2021 to -0.1 percent against TPV in the first semester of 2022.

Bukalapak Marketplace's contribution margin to the TPV Marketplace also increased from -0.1 percent in the first semester of 2021 to 0.3 percent in the first semester of 2022. Meanwhile, the Partner's contribution margin to the Partner's TPV improved from -0.5 percent in the first semester of 2021 to -0.4 percent in the first semester of 2022.

Thus, in semester I-2022 the company posted adjusted Earning Before Interest, Taxes, Depreciation, and Amortization (adjusted EBITDA) of -Rp732 billion with the ratio of adjusted EBITDA to TPV showing an increase from -1.2 percent in semester I 2022 to -1 0.0 percent in the first semester of 2022.

Perdana added that although Bukalapak posted a net profit in the first semester of 2022, the company will continue to focus on operational performance. Therefore, management will continue to use adjusted EBITDA as an indicator of the company's performance.

"With increased efficiency accompanied by strong growth, Bukalapak also has a strong capital with a cash position of Rp 20 trillion at the end of June 2022," said Perdana.