Indonesia-listed e-commerce major Bukalapak has reported a 105% growth in revenue in the second quarter (Q2) of 2022 at 903 billion rupiah compared to the corresponding period last year, driven largely by contribution from its Mitra business.
Revenue contribution from Mitra Bukalapak – which helps digitalise small businesses – grew to 55% of the total revenue in Q2 compared with 33% in the same period in 2021, it said in its earnings announcement. The company saw the number of registered Mitra Bukalapak partners reach 14.2 million as of the end of June, up from 11.8 million at the end of December 2021.
Bukalapak’s total processing value (TPV)—or the value of payments that indicates the growth in transactions made on the platform—grew 24% year-on-year (YoY) to 36.5 trillion rupiah ($2.5 billion) in Q2 2022 due to higher transactions.
Bukalapak noted that 75% of the TPV came from outside tier-1 cities in Indonesia, indicating accelerated growth in digital adoption by traditional shops.
BRI Danareksa Sekuritas research analyst Niko Margaronis said Bukalapak revenue grew on higher take rates whilst Mitra and marketplace gained more ground for sequential quarters reflecting a shift in TPV categories.
In his notes, Margaronis highlighted that gross profit stood at 249 billion rupiah in Q2 2022, a 10.6% drop from the January-March period this year and a 37.6% drop from the corresponding period a year earlier.
For the January-June period, Bukalapak reported a total of 1.7 trillion rupiah in revenue, a 96% increase compared with 863.6 billion a year earlier.
That led to 8.6 trillion rupiah in net income, mainly affected by the changes in gain on investment from Allo Bank, said Paulus Jimmy, the deputy head of research at Sucor Sekuritas. It compared to a net loss of 766.2 billion rupiah in the same period a year earlier.
Separately, in its presentation to the Indonesia Stock Exchange earlier, Bukalapak said it is eyeing revenue of up to 3 trillion rupiah this year.
“The company commits to focusing on its strategy to reach a strong and sustainable growth, along with a sound cost management,” it said in the statement.
Jimmy said Bukalapak managed to continue its positive growth trajectory, with the Mitra business continuing to be the main growth driver.
Jimmy noted that Bukalapak’s total TPV increased by 24.5% YOY to 71 trillion rupiah in the January-June period with Mitra business netting 46% annual TPV growth to 35 trillion rupiah.
|Key Metrics||6M22||6M21||% YOY||2Q22||2Q21||% YOY||1Q22||% QOQ|
|TPV in IDR tn|
|Revenue in IDR bn|
|Marketplace||0.0182||0.0162||20 bps||1.97%||0.0182||15 bps||0.0165||32 bps|
|Mitra||0.0277||0.0121||156 bps||2.81%||0.0102||169 bps||0.0273||8 bps|
|Blended Take Rate||0.023||0.0141||89 bps||2.39%||0.0142||97 bps||0.0219||20 bps|
“This substantial YOY top-line results, when compared to its TPV growth, indicates the continuation of strong monetization trend for Bukalapak’s business, coming especially from Mitra with 156 bps take-rate increase YOY in the first half of 2022. QOQ-wise, blended take-rate also increased 20 bps,” Jimmy said in a note.
Bukalapak’s earnings were published after the market closed on Monday. Its shares closed at 292 apiece, down 0.68% on the day.