JAKARTA, Indonesia, March 29, 2023 /PRNewswire/ -- Bukalapak continues to deliver growth; Total Processing Value (TPV) in 4Q22 grew by 20% YoY to IDR 41.8tn.
At the end of December 2022, the number of registered Mitra Bukalapak was 16.1mn versus 11.8mn at the end of December 2021.
4Q22 Mitra TPV surged by 17% YoY, to IDR 19.0tn and in FY22 increased by 31%, to IDR 73.6tn, from last year. At the end of December 2022, the number of registered Mitra was 16.1mn versus 11.8mn at the end of December 2021.
Bukalapak's 4Q22 revenue grew by 97% YoY to IDR 1,029bn, whilst FY22 revenues grew by 94% YoY to IDR 3,618bn. Mitra Bukalapak (MBL)'s 4Q22 revenues grew by 63% YoY to IDR 522bn, while FY22 revenues for MBL increased by 141% YoY to IDR 1,969bn. MBL's contribution to the Company's revenues increased from 44% to 54% in FY22.
The Company continues to focus on delivering positive and sustainable profitable growth, while managing its expenses. The FY22 general and administrative expenses, excluding stock based compensation, ratio to TPV was 0.9% vs 1.1% a year ago.
Bukalapak's overall contribution margin, calculated as gross profit after S&M costs, improved from -0.1% of TPV in 4Q21 to 0.2% of TPV in 4Q22. Marketplace's contribution margin improved from 0.3% of Marketplace TPV in 4Q21 to 0.6% of Marketplace TPV in 4Q22 whilst Mitra's contribution margin improved from -0.5% of Mitra TPV in 4Q21 to -0.3% of Mitra TPV in 4Q22.
Bukalapak's adjusted EBITDA stood at -IDR 235bn in 4Q22, an improvement in adjusted EBITDA ratio to TPV from -1.1% of TPV in 4Q21 to -0.6% of TPV in 4Q22. Meanwhile, the Company recorded an operating income of IDR 1,760bn in FY22, an increase of 203% from an operating loss of IDR 1,709bn in FY21 primarily due to the marked-to-market gain from the investment in PT Allo Bank Tbk. Consequently, the Company also recorded a net profit of IDR 1,978bn in FY22, an increase of 218% from a net loss of IDR 1,676bn in FY21.
Despite reporting FY22 net profit, our primary focus is still on the adjusted EBITDA.
Bukalapak also has a strong capital position, IDR 20.3tn of cash & cash equivalents and liquid investments, including government bonds and mutual funds per end of 4Q22. With the average quarterly interest income and improved quarterly EBITDA, Bukalapak will have a cash runway of more than 50 years.
