PT Global Digital Niaga Tbk—the parent company of Indonesian e-commerce platform Blibli, online travel agent Tiket.com, supermarket chain Ranch Market, and home and living brand Dekoruma—posted several improved profitability metrics in the first quarter of 2025 (Q1 2025), including a narrowing of its net loss despite higher operating costs.
According to its filings with the Indonesian Stock Exchange (IDX), Blibli reported a gross profit before discount (GPBD) of 1.8 trillion rupiah ($108 million), a 59% year-on-year (YoY) increase, driven by better monetisation strategies, tighter procurement, and a focus on profitable verticals.
The company’s OTA platform, Tiket.com, became the biggest contributor to group GPBD, delivering 701 billion rupiah ($42 million)—up 30% YoY—and accounting for 39.1% of total group GPBD, compared with 26.7% in Q1 2024.
The second-largest contribution came from Blibli’s 1P Retail (Blibli e-commerce and Dekoruma), which generated 460 billion rupiah ($27.6 million) in GPBD, while at the same time posting the highest YoY growth of 207% YoY.
The strong performance was attributed to a margin-focused strategy across smartphones, sports, and wellness products, buoyed by new device launches and higher volumes in consumer electronics.
To support this growth, the company expanded its logistics footprint using a hub-and-spoke model. As of Q1 2025, the company operates 13 warehouses covering 202,000 square meters and 23 distribution centres.
Its newest warehouse in Marunda, West Java, has also started to operate since October 2024 and supports the Fulfilment at Speed (FAS) and Fulfilment by Blibli (FBB) services. In the home and living segment, Blibli manages 35 Dekoruma outlets.
“We entered 2025 with strong motivation to continue the positive trend we recorded last year, with the aim to provide meaningful impact and value. [..] Despite strong headwinds from global economic challenges that affected domestic business climate during the first quarter of 2025, we tried to navigate ourselves to transform, adapt, and grow with the market dynamics [..],” Blibli’s CEO and co-founder Kusumo Martanto said in a statement.
Net revenue stood at 4.7 trillion rupiah ($292 million), up 20% compared with the same period last year. Operating expenses also rose 6% to 1.46 trillion rupiah, including 508 billion rupiah in selling expenses and 953 billion rupiah in general and administrative costs.
Thanks to the higher uptick in top-line growth, Blibli posted a net loss of 641.5 billion rupiah in Q1 2025, slightly narrowing from 696 billion rupiah in Q1 2024.
On a segment basis, the top net revenue contributors were its Institutions—B2B and B2G (Business to Government) platforms— and Physical Stores, which generated 1.5 trillion rupiah and 1.4 trillion rupiah, respectively—up 26% and 12% YoY.
Tiket.com, while driving profit, posted 351 billion rupiah in net revenue—the lowest among major segments, though it rose 16% YoY. The growth was supported by increased bookings and a higher average order value during the Ramadan period, reflecting pent-up demand and strategic channel expansion. The platform offers access to flights from 132 airlines, serving more than 221 countries, and providing 3.6 million accommodation options.
The company’s gross profit rose to 874 billion rupiah, an 18% increase, while the gross margin stood at 18.6%, down slightly from 18.9% a year earlier. The company’s EBITDA loss improved to 511 billion rupiah, from 571 billion rupiah a year earlier, with the EBITDA-to-TPV ratio improving from -3.2% to -2.6%
“We are happy with our overall net revenues and gross profit growth achievement in Q125, despite challenging market condition. Our 1P Retail segment led the way in Q125, delivering more than 200% growth in GPBD at much higher take rate than last year. We believe that the structural improvements shall continue,” said Ronald Winardi, CFO of Blibli.
Blibli’s cash position declined from 2.44 trillion rupiah a year ago to 1.65 trillion rupiah by end-March 2025. Operating cash outflow stood at 2.09 trillion rupiah, while net investing outflow was 43 billion rupiah, and financing inflow reached 1.33 trillion rupiah, largely from short-term loans.
“We anticipate that the economic condition and business climate will likely remain challenging for the year. Hence, we will strive for further innovations and unlock potential synergies within the ecosystem to boost organic growth. Our discipline focuses on cost efficiencies and continuous optimisation strategies on the product categories mix for the past years have placed us in a stronger and more flexible position, allowing us to be more flexible in balancing business growth and health margin [..],” Blibli’s Martanto concluded.
