Blibli's Financial Performance, the E-commerce Company that Acquired Dekoruma

Based on financial reports published by the Indonesia Stock Exchange (IDX), PT Global Digital Niaga Tbk., also known as Blibli, recorded a net revenue of Rp3.92 trillion in Q1 2024.

This figure represents a 2.43% year-on-year (YoY) increase compared to Rp3.82 trillion in Q1 2023.

However, despite the high revenue, the company, with the stock code BELI, incurred a loss of Rp691.29 billion in Q1 2024. Nevertheless, the net loss attributable to the parent entity decreased by 21.28% (YoY) from Rp878.17 billion in Q1 2023.

Citing Antaranews, Blibli's CEO, Kusumo Martanto, stated that Blibli's cost structure has improved. This is evident in the decrease in the percentage of consolidated operating expenses against the total processing value (TPV), from 8.1% in Q1 2023 to 7.7% in Q1 2024.

Kusumo added that this resulted in an improvement in the earnings before interest, tax, depreciation, and amortization (EBITDA) percentage against TPV by 140 basis points (bps), from -4.6% in Q1 2023 to -3.2% in Q1 2024.

Blibli also added six consumer electronics stores during the first four months of 2024. Currently, there are 172 consumer electronics stores in operation, along with 63 premium supermarket outlets as of the end of March 2024.

BELI's assets were recorded at Rp14.89 trillion in Q1 2023, a 15.97% YoY increase from Rp12.84 trillion in Q4 2023. These assets at the beginning of 2024 consisted of liabilities of Rp6.69 trillion and equity of Rp8.19 trillion.

(Read also: 2023 E-Commerce Trends: Increased Visits to Shopee and Blibli)

Recently, Blibli acquired 26,167 shares, or 99.83%, of PT Dekoruma Inovasi Lestari (Dekoruma). The acquisition, completed on June 20, 2024, amounted to Rp1.17 trillion.

According to a disclosure on the IDX reported by Katadata, Blibli's management stated that this transaction will stimulate the company, particularly for home and living products. This corporate action aligns with the company's efforts to synergize online and offline trading channels.

Thus, Blibli and Dekoruma can develop into an integrated trading company, both online and offline.

Blibli's management referred to this transaction as an affiliated transaction. This is because one of the company's directors, Andi Untono, also serves as a director at the parent company of PT Dekoruma Inovasi Lestari (DIL), Dekoruma Pte Ltd.

"With the same director between the company and DPL, the company has a greater opportunity to understand the potential and liabilities that may arise in the future," said Blibli's management in a disclosure, quoted on Monday (June 24, 2024).

The company also believes it can manage risks more effectively and make more informed decisions in this transaction compared to transactions with unaffiliated parties.

"After the completion of the transaction, the company plans to develop the online and offline trading channels of PT DIL," said Blibli's management. As the new owner of Dekoruma, the company will expand the reach of its home and living product categories as an integral part of the company's business integrity.

(Read Katadata: Synergizing Business, Blibli Acquires Dekoruma for Rp 1.17 Trillion)