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Bukalapak turns to profit thanks to investment gains
PT Bukalapak.com has posted a full-year net profit of Rp 1.9 trillion (US$1.2 billion) for 2022, but that was mostly owed to a strong first quarter thanks to unrealized investment gains.
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Bukalapak is listed on the Indonesia Stock Exchange (IDX) under the ticker symbol BUKA. (Courtesy of Bukalapak)
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T Bukalapak.com has posted a full-year net profit of Rp 1.9 trillion (US$1.2 billion) for 2022, but that was mostly owed to a strong first quarter.
The publicly listed e-commerce platform recorded losses in each of the three quarters that followed, according its latest financial report, which was released on Tuesday.
The report shows that Bukalapak reaped profit amounting to Rp 14.5 trillion in last year’s first quarter thanks to Rp 15.49 trillion in unrealized gains on investment, which was more than enough to offset losses of Rp 12.5 trillion accumulated in the last three quarters of 2022.
Bukalapak invested Rp 1.19 trillion in publicly listed Allo Bank through a rights issue in a deal concluded in January 2022, giving it 11.49 percent ownership in the lender.
By April 2022, Allo’s stock price had shot up to more than Rp 6,000 per share, more than ten times Bukalapak’s buying price of Rp 478 per share.
However, Allo’s price has since dropped to a little above Rp 1,500, translating into much smaller unrealized gains for Bukalapak.
Read also: Allo Bank investment boosts BUKA net profit in first half of 2022
