Bukalapak posts $40.7m net profit in Q2 as revenue increases 30%

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Bukalapak generated net profit of 614 billion rupiah (US$40.7 million) for the second quarter of 2023, compared to the US$394.8 million in net loss it registered in Q2 2022.

The Indonesian ecommerce major also posted a 30% year-on-year increase in revenue to US$77.8 million for the quarter.

A major driver for this growth is its marketplace unit, which recorded a 74% growth in revenue to US$45.3 million. The segment encompasses its general Bukalapak platform as well as Itemku, which it acquired in 2021.

Bukalapak also registered US$31.6 million in income from operations for Q2 2023, helping recover from the previous quarter’s US$80.3 million in operating losses.

Meanwhile, the company’s offline-to-online segment, which comprises Mitra Bukalapak and Bukumitra, reported US$34.5 million in revenue for the quarter, marking a 5% increase over the same year-ago period.

Additionally, the firm posted a 13% year-on-year increase in overall total processing value to US$2.7 billion. Adjusted EBITDA losses also recovered for the quarter, narrowing 65% to US$8.3 million.

Earlier this year, Bukalapak partnered with VC firm 500 Southeast Asia, investing US$7.5 million to join the fund as a limited partner. BMoney, the ecommerce platform’s investment app, also recently launched a feature to allow BMoney Privilege users to buy and sell shares of local firms.

See also: Bukalapak seizes ‘great opportunity’ in Mitra as rivals like GoTo exit

Currency converted from Indonesian rupiah to US dollar: US$1 = 15,094.50 rupiah.