.jpg){kind=small}
Bisnis.com, JAKARTA — PT Bukalapak.com (BUKA) is optimistic that its ongoing transition and restructuring efforts, which is set to complete in this year’s first half, will start showing results in the near-term as the company continues to tout operational optimization as key strategy towards better performance and sustainable profitability.
In its full-year earnings report for 2024, BUKA posted an increase in net losses to IDR 1.56 trillion despite a slight 0.5% growth in revenue to IDR 4.46 trillion last year. derived from marketplace income of IDR 2.23 trillion and online-to-offline (O2O) revenue of IDR 2.07 trillion.
Despite an almost equal contribution between the O2O and marketplace segments, BUKA expects marketplace revenue to grow faster than O2O in the coming quarters as it sharpens its business strategy.
On the other hand, BUKA’s cost of revenue in 2024 surged 10.51% to IDR 3.73 trillion, up from IDR 3.38 trillion the previous year. Meanwhile, its selling and marketing expenses decreased by 36.65% to IDR 328.4 billion in 2024, down from IDR 518.4 billion in 2023.
BUKA reported an operating loss of IDR 2.51 trillion in 2024, an 18.02% increase from IDR 2.12 trillion in the previous year. Consequently, net loss also rose by 13.28% in 2024, reaching IDR 1.54 trillion from IDR 1.36 trillion in 2023.
As previously reported, BUKA has streamlined its non-core business, focusing on operational efficiency and sustainable profitability.
Although BUKA’s transition has had short-term impacts on revenue and contribution margins, cost savings in general & administrative (G&A) expenses have helped offset these temporary declines, paving the way for improved future performance, according to management.
After accounting for one-off legal and restructuring costs, G&A expenses improved from a negative IDR 260 billion in Q3 2024 to a negative IDR 156 billion in Q4 2024.
