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Bukalapak posts first net profit on unrealized gains for Allo Bank
The company posted Rp 15.49 trillion in unrealized investment gains from Allo Bank.
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The Bukalapak logo. The company listed at the IDX on Friday, Aug. 6, 2021 under the ticker BUKA. (Courtesy of Bukalapak)
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ublicly listed e-commerce giant PT Bukalapak posted a first-ever net profit in the first quarter this year at Rp 14.5 trillion (US$1 billion), reversing a net loss from the same period last year, following the acquisition of lender PT Allo Bank.
The company's latest financial statement shows that revenue went up 85 percent year-on-year (yoy) to Rp 787 billion driven by its Mitra Bukalapak business arm, which provides e-procurement services for warungs (small kiosks).
But the biggest gain was the addition of Rp 15.49 trillion in unrealized investment gains for Allo Bank. Bukalapak announced acquiring an 11.49 percent stake in the lender in January.
"[Bukalapak] continues to see strong growth in all-commerce penetration and digitizing trends among offline micro retail stores," said the company in a press statement on Thursday.
Read also: Bukalapak, CT Corp send AlloFresh into grocery delivery race
Mitra Bukalapak led revenue gains by scoring a two-fold yoy increase in revenue to Rp 471 billion, which also increased its contribution to total revenue to 60 percent.
Marketplace revenue came second with a slight 9 percent yoy increase to Rp 278 billion and Buka Pengadaan third by increasing 52 percent yoy to Rp 37 billion.
