Allo Bank Investment Down, Bukalapak Posts Loss in Q1 2023

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Adi Ahdiat 03/05/2023 15:40 WIB

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Bukalapak reported a net loss of approximately Rp1 trillion in the first quarter of 2023. This loss was primarily driven by a significant decline in the value of their investment in Allo Bank.

Bukalapak's Net Income and Net Profit/Loss for Q1 (2022-2023)

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Bukalapak's Net Income and Net Profit/Loss for Q1 (2022-2023)

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PT Bukalapak.com Tbk (BUKA) achieved a net revenue of Rp1 trillion in the first quarter of 2023, a 27.7% increase year-on-year (YoY).

Despite the revenue increase, Bukalapak recorded a net loss attributable to the parent entity of approximately Rp1 trillion in the first quarter of 2023.

This is in stark contrast to the first quarter of 2022, where Bukalapak recorded a net profit of Rp14.6 trillion.

According to Bukalapak Corporate Secretary Teddy Oetomo, a significant portion of their losses in the first quarter of this year was influenced by decreased investment gains.

"This decrease is mainly due to the substantial profit from the investment value in PT Allo Bank Tbk that the company received in Q1 2022," said Teddy, as reported by Kompas.com on Saturday (April 29, 2023).

In the first quarter of 2022, Bukalapak recorded unrealized and realized investment gains of Rp15.5 trillion.

However, in the first quarter of 2023, these unrealized and realized investment values plummeted drastically to a minus or loss of Rp783.7 billion.

Throughout last year, specifically from January 3 to December 28, 2022, Allo Bank (BBHI) share prices fell by 59%. Then, from the beginning of this year until the end of the first quarter of 2023, BBHI shares weakened further by 16%.

Despite the decline in its financial performance, Bukalapak claims that the number of its partners continues to grow.

"At the end of March 2023, the number of registered partners reached 16.8 million, up from 16.1 million at the end of December 2022," said Teddy.

"The marketplace showed strong growth with a 77% increase in revenue compared to Q1 2022, reaching Rp517 billion, driven by specialty verticals with higher take rates," he added.

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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