Bukalapak Records Rp8.59 Trillion Profit Thanks to Allo Bank Investment

Technology company PT Bukalapak.com Tbk (BUKA) reported a net profit of Rp8.59 trillion (approximately USD 570 million) in the first half of 2022.

This performance is a stark contrast to the first half of the previous year, which recorded a net loss of Rp767.03 billion (approximately USD 51 million).

According to the company's financial report, Bukalapak's unrealized investment gains reached Rp9.79 trillion (approximately USD 650 million) in the first half of this year.

With this investment income, the unicorn recorded operating profit of Rp8.6 trillion (approximately USD 570 million) in the first half of 2022. This figure represents a 1,209% increase from the same period last year, which saw an operating loss of Rp776.16 billion (approximately USD 51 million).

Bukalapak's management stated that this profit was due to marked-to-market investment gains from PT Allo Bank Tbk (BBHI). "The profit is primarily due to marked-to-market investment gains from PT Allo Bank Tbk," said Bukalapak's management, as quoted by Kompas.com on Monday, August 1, 2022.

In addition, Bukalapak also booked net revenue of Rp1.69 trillion (approximately USD 112 million) in the first half of 2022. This is a 95.94% increase from the previous year's Rp863.62 billion (approximately USD 57 million).

Bukalapak's cost of revenue also increased from Rp118.05 billion (approximately USD 8 million) in the first half of 2021 to Rp1.16 trillion (approximately USD 77 million) in the first half of this year. Furthermore, Bukalapak's general and administrative expenses increased from Rp659.1 billion (approximately USD 43 million) in the first half of 2021 to Rp1.32 trillion (approximately USD 87 million) in the first half of this year.