Bukalapak still in the red despite seeing $130.8m in FY22 profit

Photo credit: Bukalapak

Bukalapak, an Indonesia-based ecommerce major, has reported US$130.8 million in net profit for 2022, recovering from a loss of US$111 million the year prior. Operating income in 2022 also landed at US$116.5 million, up from the US$113.1 million in operating losses it saw in 2021.

However, the company mainly attributed the recovery to a marked-to-market gain from its investment in Allo Bank. On an adjusted EBITDA basis, Bukalapak is still in the red. It posted US$15.6 million in adjusted losses in the fourth quarter of 2022.

In January last year, Bukalapak spent US$83.7 million to acquire 12.05% of the digibank. This investment was the primary driver of the Bukalapak’s US$1 billion profit for Q1 2022, the quarter that contributed the most to the company’s net profit for the whole year.

See also: Behind Bukalapak’s entry into Indonesia’s digital banking race

Bukalapak recorded US$68.2 million in revenue for Q4 2022 – up 97% year on year – and registered US$239.6 million in revenue for the full year.

For Mitra Bukalapak alone, quarterly revenues grew 63% year on year to US$34.6 million, while the segment’s full-year revenue surged 141% to US$130.5 million.

This follows Bukalapak taking the service to the Philippines in late 2022 and naming it SmartSari. It helps mom and pop shops, which are called warungs in Indonesia and sari-sari stores in the Philippines, go digital.