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BUKA 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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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, traded as BUKA at the Indonesia Stock Exchange, 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.
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.
“Mitra is the main growth driver of the company,” reads the statement.
According to the company’s financial statement, all costs showed significant changes, with general and administrative expenses showing a three-fold increase yoy to Rp 1.02 trillion, cost of revenues a six-fold increase yoy to Rp 509 billion and selling and marketing expenses a 22 percent yoy decrease to Rp 328 billion.
“The company continues to focus on its strategy to deliver positive and sustainable growth while simultaneously managing its expenses,” said Bukalapak.
Total Processing Value (TPV) rose 25 percent yoy to Rp 34 trillion, with 74 percent of TPV coming from non-Tier one regions in Indonesia. Mitra’s TPV rose 78 percent yoy to Rp 17 trillion. Registered Mitra partners rose 11 percent quarter-on-quarter (qoq) to 13.1 million in the first quarter.
BUKA’s shares closed at Rp 382 apiece at the end of trading on Friday.
