Blibli cuts operating losses by 28% in FY 23, revenue down 4%

A Blibli Store in Jakarta / Photo credit: Blibli

Indonesia-based ecommerce major Blibli reduced its loss from operations by 28.4% in the 2023 fiscal year, even as it posted a roughly 4% year-on-year decline in net revenue – which landed at 14.7 trillion rupiah (US$924 million).

The losses, which improved on the back of better finance costs, stood at US$225 million for 2023.

According to the company, the net revenue decline was due to its strategy to optimize its total processing value (TPV) mix “by putting more focus on more profitable product selections across categories in the first-party retail segment.”

Blibli generates its revenue from first-party retail, third-party retail, corporate customers, and physical stores.

Of this mix, only first-party retail – which refers to its B2C ecommerce sales – saw a decline in net revenue for FY 2023, which dropped 28% year on year to US$401 million. On a quarter-on-quarter basis, the net revenue for this category dropped 59% to US$60 million.

Meanwhile, net revenue from the third-party retail segment – which serves sellers who use Blibli’s ecommerce platform and Tiket.com, its online travel agent (OTA) platform – surged 466% during the period to US$70 million.

Blibli’s overall TPV grew 17%, backed by enhanced performance in the OTA segment of the third-party retail sector, as well as improved performance in consumer electronics stores.

The company also improved its take rate from 4.2% in FY 2022 to 5.1% in FY 2023.

“Central to our profitability strategy was optimization of our product mix, prioritizing higher-margin products and aligning third-party seller rates with our profitability road map,” stated Kusumo Martanto, Blibli’s CEO and co-founder.

The company’s shares, listed on the Indonesia Stock Exchange under the ticker symbol BELI, ended Monday at 474 rupiah (US$0.02), up slightly from March 28.

See also: Why Blibli’s shares are outperforming GoTo, Bukalapak stocks

Currency converted from Indonesian rupiah to US dollars: US$1 = 15,904 rupiah.