Indonesian Tech Giant Bukalapak Turns Profit for the First Time
Jayson 07 May 2024 08:44
Indonesian e-commerce giant Bukalapak reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the first time, reaching Rp 15 billion (approximately $921,687), on the back of higher revenue.
Bukalapak said in a statement on Monday that the company reported first-quarter revenue growth of 16% year-on-year, with the O2O segment posting excellent growth of 24% for the full year, driven by the continued success of Mitras.
Notably, 64% of the company's TPV comes from outside Indonesia's Tier 1 regions, where omni-commerce penetration and digitalization trends in offline micro-retail stores continue to grow strongly.
Meanwhile, Bukalapak's overall contribution margin (measured as gross profit after sales and marketing costs) improved to Rp 124 billion in the first quarter from Rp 104 billion a year ago.
"The first quarter was a landmark moment in Bukalapak's history. We are currently profitable on quarterly adjusted EBITDA for the first three months of 2024," said Bukalapak President Teddy Oetomo. This result was driven by strong revenue growth. , booming conversion rates (especially in the O2O field) and excellent cost control.
He said the company is very focused on achieving its stated goals of sustainable and profitable growth in the coming quarters and throughout 2025, while continuing to capture growth opportunities that exist in its Mitra, gaming and e-retail businesses.
Bukalapak said in a statement on Monday that the company reported first-quarter revenue growth of 16% year-on-year, with the O2O segment posting excellent growth of 24% for the full year, driven by the continued success of Mitras.
Notably, 64% of the company's TPV comes from outside Indonesia's Tier 1 regions, where omni-commerce penetration and digitalization trends in offline micro-retail stores continue to grow strongly.
Meanwhile, Bukalapak's overall contribution margin (measured as gross profit after sales and marketing costs) improved to Rp 124 billion in the first quarter from Rp 104 billion a year ago.
"The first quarter was a landmark moment in Bukalapak's history. We are currently profitable on quarterly adjusted EBITDA for the first three months of 2024," said Bukalapak President Teddy Oetomo. This result was driven by strong revenue growth. , booming conversion rates (especially in the O2O field) and excellent cost control.
He said the company is very focused on achieving its stated goals of sustainable and profitable growth in the coming quarters and throughout 2025, while continuing to capture growth opportunities that exist in its Mitra, gaming and e-retail businesses.
