Bukalapak Turns a Profit in 2022 from its Investment in Allo Bank

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Adi Ahdiat 31/03/2023 12:28 WIB

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In 2022, Bukalapak recorded a profit of approximately Rp1.98 trillion. However, this profit stemmed from its realized and unrealized investment gains in Allo Bank.

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Bukalapak Profit/Loss (2018-2022)

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After years of losses, in 2022 Bukalapak recorded a net profit attributable to the parent entity's owners of approximately Rp1.98 trillion.

This figure grew by approximately 218% year-on-year (YoY), compared to a loss of Rp1.67 trillion in 2021.

However, the profit of the BUKA-coded issuer was supported by its realized and unrealized investment gains in PT Allo Bank Tbk.

"Therefore, the company's management continues to use adjusted EBITDA as a performance indicator," said Bukalapak's management in its press release (March 28, 2023).

Meanwhile, in the final quarter of 2022, Bukalapak's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was still negative at Rp235 billion.

In addition to the negative adjusted EBITDA, Bukalapak's expenses were still higher than its net revenue.

In 2022, BUKA's net revenue reached Rp3.26 trillion. However, its cost of revenue was Rp2.56 trillion, selling and marketing expenses were Rp1.03 trillion, and general and administrative expenses were Rp2.54 trillion.

On the other hand, Bukalapak's short-term liabilities or debt decreased drastically from Rp3.01 trillion (2021) to Rp808.9 billion (2022).

Its long-term debt also decreased from Rp112.48 billion (2021) to Rp99.07 billion (2022).

Bukalapak's equity in 2022 reached Rp26.49 trillion, up from Rp23.49 trillion the previous year.

This year, Bukalapak remains in the LQ45 index for the February-July 2023 period. The LQ45 is an index containing 45 issuers selected by the Indonesia Stock Exchange (IDX) based on certain criteria, such as having a large market capitalization and high liquidity.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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