Heaptalk, Jakarta — Indonesia’s e-commerce Blibli has reported a robust financial performance for FY24, with a 14% year-on-year (y.o.y) increase in consolidated net revenues, reaching US$1 million Rp16,716 billion from Rp14,718 billion in FY23.
This growth was mainly driven by strong sales in the consumer electronics category, fueled by higher smartphone sales volume, increased contribution from its Online Travel Agent (OTA) business, and expansion in the home & living sector. The company also achieved a 340 basis points (bps) improvement in consolidated gross margin, rising from 16.3% in FY23 to 19.7% in FY24, supported by margin expansion across all business segments.
Blibli’s commitment to operational excellence led to a more efficient cost structure, as evidenced by lower consolidated operating expenses as a percentage of total payment volume (TPV), which declined to 7.4% in FY24. Notably, advertising and marketing expenses as a percentage of TPV dropped to 1.0%, while general and administrative expenses fell to 4.8%. These efficiencies, combined with an improved gross margin, contributed to a substantial improvement in EBITDA as a percentage of TPV, which improved from -4.6 % in FY23 to -2.7 % in FY24, a 190-bps increase y.o.y.
“Our operating performance continued improving with a 34% y.o.y reduction in operating loss in FY24, driven by a take rate expansion reached as high as 7.6% in 4Q24 and a reduction of consolidated operating expenses. The improving margins trend poised for better growth in the future.”
Strategic moves in last year
A key milestone for Blibli in 2024 was its acquisition of a 99.83% stake in PT Dekoruma Inovasi Lestari (Dekoruma), a leading omnichannel home and living retail and interior design company in Indonesia. This move strengthens Blibli’s presence in the home and living category, leveraging the growing demand for high-quality yet affordable home solutions for Indonesia’s middle-income segment.
“One standout initiative has been our strategic investment in the application of artificial intelligence (AI) and machine learning (ML). This prudent step has significantly enhanced product and operational performance by improving buyer-seller interactions, refining customer targeting, achieving cost efficiencies, and simplifying product discovery. Another strategic initiative has been the integration of Dekoruma into our ecosystem, positioning us advantageously to capture growing demand within Indonesia’s home and living market, particularly in the middle-income segment.” Blibli’s CEO & Co-Founder, Kusumo Martanto, said.
Additionally, in October 2024, Blibli successfully carried out a Capital Increase Without Pre-emptive Rights (PMTHMETD), issuing 4,9 billion new shares—equivalent to 3.98% of its issued and paid-up capital—at an exercise price of Rp460 per share. This initiative raised Rp2.25 trillion in capital, further bolstering the company’s financial position and supporting its long-term strategic initiatives.
Further business strategy of Blibli
Blibli aims to strengthen its brand positioning by increasing public awareness of the value provided by its ecosystem, mainly through integrated offerings like Blibli Tiket Rewards and Unified Membership. The company is focused on deepening customer relationships and cementing its status as a preferred ecosystem of choice.
In response to intensifying competition, Blibli has outlined a disciplined two-pronged strategy. First, it will continue to prioritize margin optimization, cost leadership, and synergies across its platforms to strike a balance between market share expansion and profitability. Second, the company remains committed to enhancing its competitive edge by developing full-spectrum value chain partnerships with leading brands, reinforcing its omnichannel retail presence, and delivering unparalleled customer service.
