Indonesian e-commerce firm PT Bukalapak.com Tbk announced Wednesday that its revenue rose 7 percent quarter-on-quarter in the fourth quarter of 2024, primarily driven by a strong 21 percent increase in marketplace revenue.
The firm said in a statement that despite a 9 percent decline in online-to-offline (O2O) revenue due to the restructuring of its fast-moving consumer goods (FMCG) segment, the company remains focused on long-term sustainability and profitability.
The firm’s overall revenue for FY24 reached IDR 4.5 trillion ($293 million), with both O2O and marketplace segments contributing almost equally.
However, the company expects Marketplace revenue to outpace O2O in the coming quarters as it refines its business strategy.
As part of its strategic realignment, Bukalapak said it has phased out non-core businesses, prioritizing operational efficiency and sustainable profitability.
While this transition impacted revenue and contribution margin in the short term, it said the company’s general and administrative (G&A) cost savings have outpaced
these short-term declines, setting the stage for future improvements.
After excluding one-off legal and restructuring costs, the firm’s G&A expenses improved from -Rp260 billion in the third quarter of 2024 to -Rp 156 billion in the fourth quarter of 2024.
Meanwhile, the firm’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for FY24 improved by 28 percent year-over-year, reflecting its ongoing business optimization efforts.
Its adjustments to EBITDA for FY24 include mark-to-market losses on its BBHI holdings, which were higher in FY24.
The firm’s core earnings also saw an increase from Rp 42 billion in FY23 to Rp 443 billion in FY24, primarily due to the lower G&A (reduced staff costs and information technology [IT] expenses after being adjusted with one-off restructuring costs) coupled with higher finance income.
The company also reported a robust cash position of IDR 19 trillion, ensuring financial resilience to support future growth initiatives.
“As we transition towards a leaner and more sustainable business model, we have taken strategic steps to optimize our operations,
“Our efforts in streamlining non-core businesses and improving operational efficiency have begun to yield positive results,” said Willix Halim, Chief Executive Officer of Bukalapak.
Looking ahead, Bukalapak said the firm will focus on its four core business segments — Mitra Bukalapak, gaming, retail, and investment — aligning its financial reporting structure accordingly starting in the first quarter of 2025.
In 2025, Bukalapak expects continued growth in revenue and contribution margin across its core business segments, along with more efficient operations resulting in sustained improvements in profitability.
“We are confident that the strategic initiatives we have undertaken will enable us to build a more resilient and profitable business,
“As our restructuring process is still ongoing and expected to be completed in the first half of 2025, we anticipate seeing the full impact of these improvements afterwards,” said Willix.
“By strengthening our core business pillars and enhancing efficiency, we are on track to achieving sustainable growth and delivering long-term value for our stakeholders,” he added.