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—booked a 26% year-on-year revenue jump in the first nine months of 2025, supported by online and offline sales growth. Yet losses remained largely unchanged due to cost pressures and high operating expenses.
According to its filing with the Indonesian Stock Exchange (IDX), Blibli’s net revenue climbed 26% to 15.2 trillion rupiah for the nine months ended September from 12.1 trillion rupiah a year earlier. The growth was driven by sustained demand across the Blibli platform and Ranch Market retail outlets, underscoring the company’s progress in building a unified omni-channel ecosystem.
On a quarter-on-quarter basis, Blibli’s third quarter rose around 32% from a year earlier, compared with 20% growth in the first quarter and 22% in the first half of the year, reflecting broad-based improvement across its core business lines.
“We delivered accelerating net revenue growth and continued loss reduction in the third quarter. In the face of softer demand and heightened competition, we are maintaining strong operational discipline and expect to close the year in a better position,” Blibli’s CFO Ronald Winardi said in a statement.
Blibli’s institutions business continued to be the largest topline contributor in terms of volume and growth, both in QoQ and 9M 2025. The increase was attributed to higher sales volume of the smartphone product category, reflected by higher spending per institutional client by 31% to 92.4 million rupiah.
Despite the acceleration, Blibli’s net loss remained broadly unchanged at 1.86 trillion rupiah, as higher cost of goods sold and operating expenses continued to weigh on profitability. The company’s gross profit rose 14% year-on-year to 2.68 trillion rupiah, while the operating loss narrowed slightly to 1.68 trillion rupiah from 1.74 trillion rupiah in the same period of 2024, signalling incremental efficiency gains.
Promotions, rising costs weigh on profitability
While Blibli’s growth trajectory remains strong, several structural and operational factors explain why the company’s net loss has persisted.
First, promotional spending surged during the period, with direct discounts and incentives rising by roughly 1 trillion rupiah year-on-year—from 1.42 trillion rupiah in 9M24 to 2.42 trillion rupiah in 9M25. This spike eroded gross margins even as sales expanded, reducing Blibli’s effective margin from around 19.3% to 17.6%.
Second, the cost of goods sold increased faster than revenue (up 28% versus 26% revenue growth), further squeezing margins. The company also reported a 55% jump in inventories, to 2.93 trillion rupiah as of September, indicating heavier procurement and stocking to support its omni-channel model. While strategic, this build-up ties up working capital and may pressure margins if product turnover slows.
Third, operating expenses also remain substantial in absolute terms. Selling and general administrative costs rose to 4.37 trillion rupiah, up from 4.16 trillion rupiah a year earlier, despite modest efficiency improvements relative to total payment volume. The company continues to invest in logistics, fulfilment, and store expansion—all of which raise fixed costs and depreciation.
Despite operational gains, the company’s losses have not yet meaningfully narrowed. Finance costs stood at 183 billion rupiah in the nine months, down slightly from 192 billion rupiah a year earlier, while cash and equivalents declined to 1.64 trillion rupiah from 2.45 trillion rupiah at the start of the year amid working capital outflows and inventory buildup.
Blibli’s total assets reached 17.53 trillion rupiah, with equity at 9.12 trillion rupiah, suggesting a stable balance sheet despite ongoing losses. The company continues to channel investments into logistics, technology, and customer experience to support long-term growth.
Blibli opened 13 new consumer stores throughout Q3 2025, including new stores for the monobrand of Apple, Samsung, and Huawei, as well as multibrand Blibli stores. As of September 2025, the company operated a total of 127 monobrand stores, 109 multibrand stores, 58 premium supermarket outlets operated by Ranch Market, and 38 Dekoruma home and living experience centres.
At the end of October, Blibli is reported to have laid off around 400 employees, according to sources aware of the development. The move is impacting nearly every vertical, including Tiket.com. As per an internal communication, the layoffs were not tied to employee performance but were a consequence of organisational adjustments, the sources added.
