One member of Djarum group of companies Blibli.com, lost IDR 5.53 trillion (US$ 370.4 million) in 2022, due to the large increase in costs of revenue.
Founded in 2010, PT Global Digital Niaga Tbk (BELI) is a subsidiary of Djarum in the e-Commerce sector, and is native to Indonesia. The company focuses on building a consumer choice shopping ecosystem through trading platforms. In 2022, the company made an initial public offering (IPO) and received an exchange code (BELI).
Throughout 2022, Blibli recorded a net loss of IDR 5.53 trillion, which increased by 65% from IDR 3.35 trillion in 2021. The increasing losses were caused by Blibli’s cost of revenue, which spiked to IDR 14.04 trillion in 2022, almost twice as large compared to the number recorded in 2021 of IDR 8.27 trillion.
The company recorded net revenues reaching 72.3% of IDR 15.26 trillion from IDR 8.85 trillion in 2021. Most of the revenue was achieved through the online retail segment with a total value of IDR 10.42 trillion, or equal to 38.71%, increase; physical stores with a total value of IDR 3.58 trillion, or equal to 299.25%; and institutions, with a total value of IDR 2.47 trillion. The company, with income generated from various segments, recorded a gross profit of IDR 1.22 trillion, which equals to 111% increase from the previous year in 2021 of IDR 580 billion.
However, there were several expenses which value exceeded the gross profit figure, such as cost of goods sold at IDR 14.04 trillion, general and administrative expenses at IDR 3.37 trillion, other expenses at IDR 50.41 billion, and revenues, which reached IDR 92.08 billion. Meanwhile, the company’s operating loss reached IDR 5 trillion, an increase from the previous year of IDR 3.78 trillion in 2021.
Selling assets in GoTo, paying debts
Blibli also sold all of its shares in GoTo, which resulted in a decrease of assets by 23.45% at the end of December 2022 to IDR 14.07 trillion from IDR 18.38 trillion. Funds generated from selling these assets were used to repay debts to several banks.
“Meanwhile, total liabilities decreased by 56.7% to IDR 3.59 trillion from IDR 8.3 trillion due to payments of banks in the amount of IDR 2.5 trillion to BCA, IDR 2.5 trillion to BTPN, and IDR 5 trillion to Bank BCA Syariah,” said Hendry, Director of Global Digital Niaga, in an official statement as reported by katadata.co.id, on March 31, 2023.
The changes experienced by the company are due to developments in the company’s operational conditions. Meanwhile, the decrease in total liabilities at the end of December 2022 shows that the company’s performance is getting better.
Recently, the company has conducted an IPO and was officially listed on the IDX in early November 2022 by offering 17.71 billion shares. The price offered per share was IDR 450, which resulted in an IPO gross of IDR 8 trillion (US$ 513 million). This corporate action is claimed to be the second-largest IPO in 2022 and the fifth-largest in the history of IDX.
The high IPO was also coupled with the high enthusiasm of investors, which can be seen from the oversubscription of Blibli’s shares of 4.4 times in the pooling portion. As reported by idnfinancials.com, the proceeds from the IPO will be used for debt repayment and working capital. A total of IDR 5.5 trillion was used to pay debts to PT Bank Central Asia Tbk (BBCA), PT Bank BTPN Tbk (BTPN), and the remainder for the development of the business company PT Global Tiket Network.
