Indonesian e-commerce giant Bukalapak reported a net profit in the January-March 2025 period (Q1 2025), a reversal from the net loss recorded in the same period last year, driven by strong income, according to an announcement on Wednesday.
In Q1 2025, Bukalapak’s net profit reached 111 billion rupiah ($7 million), compared to a net loss of 42 billion rupiah in Q1 2024.
Its gross profit rose to 131 billion rupiah, down 37.6% year on year (YoY) but up 11.9% quarter on quarter (QoQ). However, the gross profit margin contracted by 200 basis points QoQ and 900 bps YoY, indicating weaker operational leverage.
Revenue reached 1.46 trillion rupiah, marking a 24.6% YoY increase and a 37.3% rise from Q4 2024. This topline growth was driven solely by the gaming vertical, while the O2O and retail segments saw annual consolidation.
Bukalapak’s contribution margin nearly doubled to 80 billion rupiah, up 95% QoQ but down 35.7% YoY. Meanwhile, adjusted general and administrative (G&A) expenses rose 14% QoQ—potentially leading to a narrower adjusted EBITDA loss on a QoQ basis, pending official figures and any one-off adjustments.
Earlier, Bukalapak expected the fruits of its transformation to start paying off from Q1 2025 onwards, even as macroeconomic uncertainty continues to cast a shadow.
While restructuring costs weighed on the company’s 2024 earnings—losses widened by 12% year on year to 1.55 trillion rupiah ($95 million)—the IDX-listed company anticipated significant growth in revenue and contribution margin in Q1 this year.
In January 2025, Bukalapak announced the discontinuation of its physical goods marketplace and a shift to virtual products, aiming to focus on profitable segments amid a competitive e-commerce landscape. While physical product sales account for less than 3% of total revenue, operational costs for this segment have risen significantly.
