Blibli posts 72% revenue jump in 2022 but remains in the red

Indonesia-based Blibli recorded a net revenue growth of 72% in financial year 2022, which ended on December 31.

The ecommerce company achieved net revenue of US$1 billion during that period, up from US$593 million in FY 2021, according to its latest financial statements.

Although the cost of revenues soared 70% in FY 2022, the company was able to increase its gross margin to 8% from 6.5% in the previous period. This improvement is reflected in its gross profit, which surged 111% to US$82 million.

The company went public on the Indonesian stock exchange in November last year, raising gross proceeds of around US$510 million.

However, the firm is still in the red. Its loss from operations widened by 33%, partly due to a rise in its operating expenses.

As a note, these financial statements include the consolidated numbers of Blibli’s subsidiaries, such as online travel agent Tiket.com and supermarket chain Ranch Market.

Still in the red

Based on the earnings release, selling expenses climbed 54%, while general and administrative (G&A) expenses saw a 33% increase.

The selling expenses are mostly allocated to advertising and marketing, followed by warehouse, packaging, and delivery. Like other ecommerce platforms such as Shopee and Lazada, Blibli also has an in-house logistics service called BES Package.

As for G&A, spending is still dominated by salaries and benefits for employees, in addition to a bump in expenses for professional fees and consultants.

On the one hand, the company’s EBITDA is still negative, and it worsened by 41% in that period. On the other, EBITDA as a percentage of total processing value (TPV) improved from -10.4% in 2021 to -7.8% last year.

TPV is the total value of products and services paid for and delivered within a certain period. In FY 2022, Blibli’s TPV saw a 89% boost from the previous year, while its take rate went from 3.8% to 4.2%.

Expanding offline presence

Dwindling assets

Next phase of growth