Bukalapak's Secret To Earning IDR 8.59 Trillion Profit In Semester I 2022, Due To Investing In Allo Bank Owned By Conglomerate Chairul Tanjung

Illustration. (Photo: Doc. Antara)

JAKARTA - The e-commerce company, PT Bukalapak.com Tbk (BUKA) recorded revenue growth and net profit in the first half of 2022. The company's performance improvement in the first six months of 2022 was still driven by BUKA's investment in digital banking company owned by conglomerate Chairul Tanjung, PT Allo Bank Indonesia Tbk (BBHI).

The management of BUKA in its official statement, quoted on Wednesday, August 3, said that Bukalapak's revenue in the second quarter of 2022 grew by 105 percent to IDR 903 billion from the same period the previous year. Meanwhile, Bukalapak's revenue performance increased by 96 percent from the first semester of 2021 at IDR 863 billion, to IDR 1.691 trillion in the first semester of 2022.

OPEN's Total Processing Value (TPV) during the second quarter of 2022 grew by 24 percent compared to the same period the previous year, to IDR36.5 trillion in the second/22 quarter. The company's TPV growth was supported by an increase in the number of transactions by 24 percent during the second quarter of 2022 compared to the same period the previous year.

As many as 75 percent of BUKA TPVs come from outside Tier 1 areas in Indonesia, where all-commerce penetration and the trend of digitizing stalls and traditional retail stores continue to show strong growth.

Mitra Bukalapak is the main driver of BUKA growth, with Mitra TPV in the second quarter of 2022 increasing by 25 percent to IDR 17.7 trillion compared to the same period the previous year and in the first half of 2022 growing by 46 percent to IDR 35.0 trillion from the same period in last year.

Partner growth is supported by the growing variety of products and services offered by Bukalapak to partners. By the end of June 2022, the number of registered Partners reached 14.2 million, an increase from 11.8 million at the end of December 2021.

In addition to TPV, revenue from the Partner segment also grew by 235 percent in the first semester of 2022 to IDR 970 billion. Mitra Bukalapak's contribution to the company's revenue shows an increase from 33 percent in the second quarter of 2021 to 55 percent in the second quarter of 2022.

Furthermore, BUKA posted an operating profit of IDR 8.6 trillion in the first semester of 2022, or an increase of 1,209 percent from an operating loss of IDR 776 billion in the first semester of 2021. This increase in performance was mainly due to the marked-to-market investment gain from PT Allo Bank Tbk (BBHI).

"Therefore, the company also recorded a net profit of IDR 8.59 trillion in the first semester of 2022, an increase of 1,220 percent from a net loss of IDR 767 billion in the first semester of 2021," said Bukalapak management.

The management of BUKA continued, although the company had recorded a net profit in the first semester of 2022, Bukalapak still has a focus on operational performance. Therefore, the management of BUKA continues to use adjusted EBITDA as a performance indicator.

"With increased efficiency accompanied by strong growth, Bukalapak also has a strong capital with the company's cash position of IDR 20 trillion at the end of June 2022," explained management.