PT Global Digital Niaga Tbk—the parent company of Indonesian e-commerce player Blibli, online travel agency Tiket.com, and supermarket chain Ranch Market—continued to trim its losses in Q2 2024 on the back of higher revenue and improved cost structure.
Niko Margaronis, an equity analyst at BRI Danareksa, credited Blibli’s “significantly improved” losses to a steady gross revenue performance and substantial improvements in operating expenditure.
According to BRI Danareksa’s data, Blibli’s net loss in April-June 2024 narrowed by 44% to 489 billion rupiah from 877 billion rupiah in the same period a year earlier.
Blibli Group posted 1.2 trillion rupiah ($72.7 million) in losses during the half year ended June 2024, about 33% lower compared with 1.8 trillion rupiah in the same period a year earlier.
“We started the year on the back of a challenging economic and demand period before the elections, but I am pleased to report that the company has demonstrated resilience and exceptional margin growth throughout the first half of the year, consistent with the company’s focus on profitability,” Kusumo Martanto, CEO and co-founder of Blibli, said in a statement on Wednesday.
Martanto referred to the presidential elections in February. While consumer spending typically increases before an election in Indonesia, central bank data suggest that Indonesians scaled back spending in February due to uncertainty about the country’s economic course post-election.
Blibli Group’s gross revenue increased 4% year-on-year (YoY) to 8.7 trillion rupiah in H1 2024 from 8.4 trillion rupiah in H1 2023.
In Q2 2024, Blibli recorded a 3% YoY increase in gross revenue to 4.3 trillion rupiah, up from 4.2 trillion rupiah in the corresponding quarter a year earlier.
The group recorded a 1% increase in net revenue in H1 2024 to 7.9 trillion rupiah ($482 million) from 7.8 trillion rupiah in H1 2023.
Blibli Group recorded 3.9 trillion rupiah in net revenue in Q2 2024, virtually the same as in Q2 2023.
BRI Danareksa’s Margaronis credited the gross and net revenue growth to Blibli’s revenue mix alteration for more profitable offerings.
Blibli Group showed a greater weight in its 3P segment—which includes Tiket.com—B2B2G, and physical stores, while its 1P retail segment consolidated.
The B2B2G segment—which catered to more than 98,000 institutional clients up to June 2024—became the main contributor to Blibli’s revenue in the first half of 2024, contributing 2.6 trillion rupiah, or about one-third of Blibli’s net revenue.
Throughout H1 2024, Blibli Group boasted an improved cost structure as reflected by the lower percentage of consolidated operating expenses to TPV of 7.5% in H1 2024 against 7.9% in H1 2023.
This, Blibli said, resulted in a 140 BPS improvement in the consolidated EBITDA to TPV percentage to -2.9% in H1 2024 from -4.3% in H1 2023.
Blibli added 13 consumer electronic stores throughout Q2 2024 in a bid to reach its target market better. In total, the firm operates 185 consumer electronic stores, 62 premium supermarkets, and 30 home-and-living experience centres as of end-June 2024.
PT Global Digital Niaga Tbk grew its total assets to 15.4 trillion rupiah as of June-end 2024 from 12.8 trillion rupiah as of Dec-end 2023.
