Blibli H1 revenue rises 22% to $592.6m

PT Global Digital Niaga Tbk or Blibli, an Indonesian omnichannel commerce firm, reported a 22% year-on-year increase in consolidated net revenue to 9.6 trillion rupiah (US$592.6 million) for the first half of 2025, up from 7.8 trillion rupiah (US$476 million) in the first half of 2024.

The company operates online and physical retail platforms, including the Blibli and Tiket.com brands, and holds a 70.6% stake in PT Supra Boga Lestari Tbk, which operates Ranch Market.

Growth was attributed to higher smartphone sales and expansion of its electronics stores network.

Net revenue for the second quarter reached 4.9 trillion rupiah (US$298 million), up 25% from a year earlier.

Gross margin for the first half declined slightly to 18.5% due to increased promotional activity in the first-party retail segment.

The firm added eight new consumer electronics stores in the second quarter, bringing its total to 223.

Operating expenses as a percentage of total payment volume fell to 7.2% in the first half, compared to 7.5% a year ago.

As of June 2025, the company managed 58 premium supermarkets and 36 home and living experience centers.

🔗 Source: Blibli

🧠 Food for thought

1️⃣ Strong operational execution amid Indonesia’s challenging retail environment

Blibli’s improved take rate and margins stand out against Indonesia’s broader retail slowdown, which has seen consumer spending decline significantly in 2025.

The company’s take rate expansion from 6.5% to 8.6% occurred while Indonesia’s retail sales growth slowed to just 0.5% year-over-year in January 2025, the slowest pace since May 20241. Consumer spending during the important Eid al-Fitr period also dropped 12.3% to IDR 137.97 trillion in 20251.

This performance demonstrates effective margin optimization during a period when Indonesia’s middle class has contracted by approximately 9.5 million people from 2019 to 2024, directly impacting discretionary spending patterns1.

The company’s focus on “high-value and premium offerings” aligns with broader consumer behavior shifts, where 33% of Indonesian consumers now prioritize big-ticket items over everyday indulgences due to financial pressures2.