Indonesia's Bukalapak is the first unicorn technology company in South East Asia start posting net profit (1 billion USD in Q1 2022)

[Indos]

AlhamduliLLAH

Bukalapak posts first net profit on unrealized gains for Allo Bank

Fadhil Haidar Sulaeman (The Jakarta Post)
PREMIUM
Jakarta ● Fri, April 29, 2022

Publicly listed e-commerce giant PT Bukalapak posted a first-ever net profit in the first quarter this year at Rp 14.5 trillion (US$1 billion), reversing a net loss from the same period last year, following the acquisition of lender PT Allo Bank.

The company's latest financial statement shows that revenue went up 85 percent year-on-year (yoy) to Rp 787 billion driven by its Mitra Bukalapak business arm, which provides e-procurement services for warungs (small kiosks).

But the biggest gain was the addition of Rp 15.49 trillion in unrealized investment gains for Allo Bank. Bukalapak announced acquiring an 11.49 percent stake in the lender in January.

Bukalapak posts first net profit on unrealized gains for Allo Bank

The company posted Rp 15.49 trillion in unrealized investment gains from Allo Bank.

www.thejakartapost.com

 

[Indos]

While its competitor (Singapore based companies)

Sea FY2021 losses widen to US$1.5 billion, revenue up 127.5 per cent​

TUE, MAR 01, 2022 - 9:41 PM

SINGAPORE-BASED Sea, which owns e-commerce platform Shopee and games developer Garena, widened its net loss excluding share-based compensation attributable to ordinary shareholders of US$1.5 billion for FY2021 ending Dec 31, up 17.9 per cent from US$1.3 billion a year prior. (see Amendment note)

In a filing on Tuesday (Mar 1), the New York Stock Exchange-listed company reported a 127.5 per cent increase in FY2021 revenue from US$4.4 billion to US$9.9 billion. The increase is driven by growth across all business segments.

Loss per share in FY2021 rose 6.5 per cent from US$2.78 to US$2.96.

Operating costs rose 106.6 per cent from US$2.7...

https://www.businesstimes.com.sg/garage/sea-fy2021-losses-narrow-to-us13-billion-revenue-up-1275-per-cent

Grab crashes 37.3% after Q4 net loss nearly doubles​

THU, MAR 03, 2022 - 9:50 PM
CLAUDIA CHONG

NASDAQ-LISTED Grab sank deeper into the red for the fourth quarter ended Dec 31, chalking up a net loss of US$1.1 billion compared with US$576 million a year ago after its ride-hailing business suffered from Covid-19 disruptions.

https://www.businesstimes.com.sg/garage/grab-nearly-doubles-q4-net-loss-as-pandemic-hits-ride-hailing-business

 

[Surya 1]

Indonesia is a country with great culture and I see Indonesia a highly progressive country in days to come amount very few countries. I see a bright future of Bangladesh, Indonesia along with India. Many other countries will progress but among the rapid progressing country who will be capable of addressing all their socio economic progress will be Indonesia. I see Indonesia becoming Hindu country in few years to come.

 

[Indos]

Indonesia is a country with great culture and I see Indonesia a highly progressive country in days to come amount very few countries. I see a bright future of Bangladesh, Indonesia along with India. Many other countries will progress but among the rapid progressing country who will be capable of addressing all their socio economic progress will be Indonesia. I see Indonesia becoming Hindu country in few years to come.

Islam is getting stronger here

West Java

The wives of local leaders ( Governors and Majors )

Our Army and their wife

 

[Indos]

Time to make profit​

Editorial board (The Jakarta Post)
PREMIUM
Jakarta ● Tue, April 19 2022

Indonesia’s tech giant GoTo made a solid market debut at the Indonesia Stock Exchange (IDX) last week, with shares at one point gaining 23 percent above their initial public offering (IPO) price.

Though the market gain was slightly lower than what e-marketplace behemoth Bukalapak posted during its market debut last year, which was 25 percent, the stock market in general recorded a higher average in daily transactions at Rp 17.6 trillion (US$1.2 billion) and a new record in market capitalization at Rp 9,405 trillion for the rest of the week.

The company, which is an entity resulted from a merger of ride-hailing champion Gojek and e-commerce giant Tokopedia, became the fourth-largest publicly listed company on the IDX by market cap after private lender BCA, state-owned lender BRI and state-owned telecommunications firm PT Telkom Indonesia.

Time to make profit

The company booked a loss of Rp 7.59 trillion as of July 2021, according to its prospectus.

www.thejakartapost.com

 

[Indos]

Bukalapak has plan to dominate Indonesian market about 90 percent, something that I see very very difficult to achieve, particularly after Gojek and Tokopedia ( also Indonesian companies ) do the merger and is successful in their recent IPO in Indonesia Stock Exchange.

Regardless of that, this ambitious plan is indeed serious and they get backer from Microsoft as one of their main stake holders

 

[Indos]

Comparison to other giant digital technology company

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Due to Grab-Didi in Asia, Uber Loses IDR 86 Trillion​

NEWS - Tommy Sorongan, CNBC Indonesia
05 May 2022 17:45

Jakarta, CNBC Indonesia - The ride-hailing company from the United States (US) Uber posted a loss of US$ 5.9 billion or equivalent to Rp. 86 trillion in the first quarter of 2022 (Q1 2022). This is due to a decrease in the valuation of its investment in Asia.

In a company release on Thursday (5/5/2022), the company said almost all of the losses were the result of a fall in the value of investments in businesses in Asian ride-hailing giants Didi and Grab. Both stocks plunged after listing in New York last year.

"On a net basis, Uber's first-quarter loss jumped to $5.9 billion from $108 million a year ago, driven by a $5.6 billion decline in the value of its stake in other businesses, notably Chinese ride-hailing company Didi," it said. The release was quoted by the BBC, Thursday (5/5/2022).

Uber itself owns 18% of the total stake in Didi. This happened after Uber released its customers to Didi in 2016. On the US market, Didi's valuation has fallen more than 80% since his $4.4 billion debut on the New York Stock Exchange (NYSE) last summer.

Even so, the company was able to increase the number of trips again. Reports say Uber's total trips have increased by 18% during Q1 2022. This pushed its revenue up 136%.

"Our results show how much progress we have made to get out of the pandemic and how the strength of our platform differentiates the performance of our business," said Uber CEO Dara Khosrowshahi.

Gegara Grab-Didi di Asia, Uber Rugi Rp 86 Triliun

Hal ini disebabkan oleh penurunan valuasi investasinya di Asia.

www.cnbcindonesia.com

 

[Indos]

Allo Bank investment boosts BUKA net profit in first half of 2022
​

An undated photo of Juragan Buhari, one of Bukalapak's partners, standing behind his stall. (Bukalapak/-)

Deni Ghifari (The Jakarta Post) Jakarta ● Tue, August 2, 2022

Indonesian e-commerce giant Bukalapak (BUKA) has recorded a net profit less than one year after being listed on the Indonesia Stock Exchange, thanks mainly to its mark-to-market investment in the recently launched Allo Bank.

The unicorn bankrolled Allo to the amount of Rp 1.19 trillion (US$80 million) at the start of the year and now it is second only to CT Corp in terms of the digital bank share ownership with 11.49 percent.

As a result BUKA raked in an operational profit of Rp 8.6 trillion in the first half of 2022, as opposed to the Rp 776 billion operational loss it suffered in the same period last year, according to a company press release. The company also registered a net profit of Rp 8,590 billion this year, a turnaround from the Rp 767 billion net loss in the first half of 2021.

“Although the company has scored a net profit in the first half of 2022, we remain focused on operational performance. Therefore, the management still uses adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] as the company’s performance indicator,” said Bukalapak management in the press statement.

Unlike most businesses in the same field who use gross merchandise value (GMV) to measure their performances, Bukalapak has been doing it using a matrix called total processing value (TPV), in which the unicorn claimed to have consistent growth despite its wobbly performance in the stock market.

BUKA booked the amount of -Rp 732 billion of adjusted EBITDA, whose ratio to TPV had shown an improvement from -1.2 percent in 2021’s first half to -1 percent in the first half of this year. In the second quarter of 2022, Bukalapak’s TPV figure amounted to Rp 36.5 trillion, which was a 24 percent increase on last year.

The management said the surge in total transactions also contributed to the company’s TPV growth. “[Around] 75 percent of the company’s TPV came from Indonesia’s tier-1 regions, where all-commerce penetration and the digitalization of warung [food stalls] and traditional retailers has shown strong growth,” said the release.

Moreover, Bukalapak also credited its TPV growth to its partners, saying they are the “main motor of the company’s growth”. “This partnership growth is supported by the development of product variations and services offered by Bukalapak to the partners. By June 2022, there were 14.2 million partners, which is an increase from 11.8 million at the end of December 2021. […] We are committed to focusing on strategies that will lead us to strong and sustainable growth that is followed by good load management,” Bukalapak said.

Allo Bank investment boosts BUKA net profit in first half of 2022

Bukalapak announced on Monday that it had achieved a net profit of Rp 8.5 trillion in the first half of 2022, thanks to its investment in Allo Bank.

www.thejakartapost.com