Bukalapak’s Revenue in Q1 2024 is 1.169 Trillion Indonesian Rupiahs
Jayson 10 May 2024 12:14
According to news on May 6, Indonesian e-commerce Bukalapak recently announced its unaudited financial results for the first quarter ended March 31, 2024.
Data show that in the first quarter of 2024, the company's operating income increased by 16% year-on-year to 1.169 trillion Indonesian rupiah; adjusted EBITDA was positive for the first time, reaching 15 billion Indonesian rupiah, a year-on-year increase of 224 billion Indonesian rupiah.
It is reported that core income (reported net income does not include investment and foreign exchange gains and losses, goodwill and non-recurring items) increased by 60% quarter-on-quarter to 185 billion Indonesian rupiah; the contribution profit margin increased by 20% year-on-year, from the first quarter of 2023 104 billion to IDR 124 billion in the first quarter of 2024.
Specifically, in the first quarter, Bukalapak's revenue increased by 16% year-on-year, of which O2O business increased by 24% year-on-year, accounting for 55% of the group's revenue. This was mainly due to the continued success of Mitra's business. The company's O2O business growth was driven by improvements in its product portfolio and broader service offering to Mitras.
Bukalapak expects revenue to grow 15% to 20% year-on-year to at least IDR 5.104 trillion; adjusted EBITDA will be better than IDR 200 billion in FY24; it will continue to invest in growth opportunities, expand business scale, and in the future Improve earnings and profit margins over several years.
Data show that in the first quarter of 2024, the company's operating income increased by 16% year-on-year to 1.169 trillion Indonesian rupiah; adjusted EBITDA was positive for the first time, reaching 15 billion Indonesian rupiah, a year-on-year increase of 224 billion Indonesian rupiah.
It is reported that core income (reported net income does not include investment and foreign exchange gains and losses, goodwill and non-recurring items) increased by 60% quarter-on-quarter to 185 billion Indonesian rupiah; the contribution profit margin increased by 20% year-on-year, from the first quarter of 2023 104 billion to IDR 124 billion in the first quarter of 2024.
Specifically, in the first quarter, Bukalapak's revenue increased by 16% year-on-year, of which O2O business increased by 24% year-on-year, accounting for 55% of the group's revenue. This was mainly due to the continued success of Mitra's business. The company's O2O business growth was driven by improvements in its product portfolio and broader service offering to Mitras.
Bukalapak expects revenue to grow 15% to 20% year-on-year to at least IDR 5.104 trillion; adjusted EBITDA will be better than IDR 200 billion in FY24; it will continue to invest in growth opportunities, expand business scale, and in the future Improve earnings and profit margins over several years.
