Blibli’s revenue up 16% in H1 2023, loss narrows by 29%

Photo credit: Blibli

Indonesia-based ecommerce major Blibli reported a 16% year-on-year increase in net revenue to 7.8 trillion rupiah (US$515 million) in the first half of 2023. Its operating loss narrowed by 29% to US$113 million within the same period.

The company generates its revenue from first-party retail, third-party retail, corporate customers, and physical stores. Only first-party retail, which refers to its B2C online sales, experienced a decline in net revenue for H1 2023, dropping 6% year on year to US$260 million.

Meanwhile, net revenue from the third-party retail segment, which serves sellers who use Blibli’s online commerce and online travel agent platforms, grew over 7x in the first half of 2023 to US$38 million.

Blibli also recorded a 52% jump in total processing value to US$2.4 billion, mainly driven by third-party retail. However, the company’s EBITDA is still negative, narrowing by 31% to reach US$105 million.

The company said it sold a 7.23% stake in Halodoc, an Indonesian healthtech firm, to Global Investama Andalan (GIA) for US$36 million. GIA, which is a subsidiary of the Djarum Group, holds an 83.68% stake in Blibli as of June 30.

The ecommerce major went public on the Indonesia Stock Exchange in November 2022, raising over US$500 million. A significant portion of the funds raised was subsequently used to repay bank loans.

Blibli’s share price has remained steady since February, reaching 454 rupiah (US$0.03) apiece as of July 24, according to IDN Financials.

See also: Why GoTo’s shares jumped following Q1 results, while Bukalapak and Blibli are flat

Currency converted from Indonesian rupiah to US dollar: US$1 = 15,100 rupiah.