Heaptalk, Jakarta — PT Bukalapak.com, Tbk, has recorded positive performance in September 2022. According to its report in 3Q22, the unicorn’s operating revenue has enhanced by 391% to USD226 million, from operations loss of USD77.9 million.
The increase is also influenced by a marked-to-market investment value of PT Allo Bank, Tbk. Concurrently, the startup with issuer-coded BUKA has recorded a net income of USD231 million in Q3, growing by 421% from a net loss of USD72.3 million. According to the company report, Bukalapak’s income has increased by 86% in Q3 2022 to USD57.5 million compared to the same period last year. During Q3, the company’s income has also escalated by 92% to USD165 million year on year.
Bukalapak’s partners income has surged by 131% to USD30.5 million. While the partners’ profits in this quarter have grown by191% compared to last period, attaining USD92.6 million. According to the report, the contribution of its partners to the startup’s revenue increased from 43% in 3Q21 to 53% in Q3 2022.
Meanwhile, Total Processing Value (TPV) in Q3 2022 demonstrated an enhancement of 32%, or equal to USD2.6 billion, compared to the earlier report in 2021. Around 74% of the Company’s TPV comes from outside regions of Tier 1 in Indonesia, supported by robust growth of all-commerce penetration and the trend of stalls digitalization and traditional retail stores.
The growth of Bukalapak’s partners have also performed an escalation, proven by the continuous rise of TPV partner by 23% in Q3 2022 to USD1.2 billion compared to the same period in 2021, driving 37% higher growth to USD3.5 billion in 9M22 compared to 9M21. The growth is supported by the product variation development and service that Bukalapak offers to the partners. As explained in the company report, the registered Bukalapak partners have attained 15.2 million per September 2022, rising from 11.8 million last December 2021.
After experiencing a Quarter on Quarter (QoQ) sustainably, the company intends to generate revenue with lower expenses to reach a positive contribution margin. As a result, the contribution margin of this Indonesia-based e-commerce app has escalated from -0.1% in 3Q21 to 0.1% towards TPV in 3Q22.
Bukalapak’s Marketplace contribution margin to TPV Marketplace increased from 0.2% in 3Q21 to 0.5% in 3Q22, while Partner’s contribution margin to Partner’s TPV improved from -0.4% in 3Q21 to -0.3% in 3Q22. This data has marked a positive contribution margin of Bukalapak for the first time in this quarter.
As conveyed in the company’s official press release, the Management of Bukalapak stated, “Bukalapak has denoted its ability to realize the objective, notably in contributing to the company to gain more profitability in the future and proved business does not only depend on the expenses, promotions, and subsidy to generate positive progress. Currently, with the intense business operations, Bukalapak would focus on revenue growth while putting hard effort to record margin contribution positively.”
During the Q3 period, the general and administrative expenses ratio, excluding share-based compensation to TPV, improved to 1.0% compared to 1.2% in the same period in 2021. For this reason, the e-commerce startup that performed IPO last august would focus on the company’s business strategy to accomplish robust growth and sustainability, along with righteous burden management.
As it is revealed in the report, Bukalapak has closed adjusted Earning Before Interest, Taxes, Depreciation, and Amortization (EBITDA) worth -USD20.9 million in the third quarter of 2022, whereby an adjusted EBITDA ratio to the TPV indicated an advancement from -1.1% to -0.8% in Q3 this year.
Despite recording its net revenue in Q3, the company will continue to emphasize the performance of its operations. For this reason, the Management team would utilize adjusted EBITDA as the company’s performance indicator.
