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 a net loss of 1.27 trillion for the first half of 2025, widening by 7.6% YoY, due to higher marketing and promotional activities aimed at driving topline growth.
According to its filing with the Indonesian Stock Exchange (IDX), Blibli’s net revenue rose by 22% YoY to 9.6 trillion rupiah, up from 7.85 trillion rupiah in H1 2024. The growth was supported by stronger transaction volumes and improvements in monetisation, helping push gross profit to 1.77 trillion rupiah, a 14.1% increase.
Blibli’s Institutions business became the largest topline contributor with 3.4 trillion rupiah, a 28% increase, accounting for 35% of total net revenue. The growth was attributed to an improvement in client quality, as reflected by higher spending per institutional client by 21% to 65.1 million rupiah. This helped lift total processing volume (TPV), and net revenues grew by 12% and 28% YoY, respectively.
The second largest contributor was the Physical Stores segment, which generated 3.14 trillion rupiah, a 21% increase. The business, which includes Blibli’s consumer electronics physical stores, supermarkets, and home and living experience centers, saw growth from higher smartphone sales volume on the back of new products, and continued store expansions.
Blibli opened eight new consumer stores throughout Q2 2025, including new stores for the monobrand of Apple, Samsung, and Huawei, as well as multibrand Blibli stores. As of June 2025, the company operated a total of 223 consumer electronic stores, 58 premium supermarkets, and 36 home and living experience centers.
Despite topline improvement, the company’s operating expenses outpaced its revenue gains. Selling expenses rose to 994 billion rupiah, up from 909 billion rupiah, largely due to intensified customer acquisition initiatives and promotional campaigns—primarily in the 1P Retail segment on e-commerce platform Blibli.
General and administrative expenses also increased to 1.91 trillion rupiah from 1.8 trillion rupiah, reflecting higher employee and technology costs tied to its expanding logistics and omnichannel operations.
As a result, Blibli recorded an operating loss of 1.14 trillion rupiah in H1 2025, broadly stable from the 1.15 trillion loss a year earlier, while also booking a negative EBITDA of 997 billion rupiah, though it slightly improved by 5% from 1.04 trillion rupiah from the same period a year before.
Due to its elevated investment and operational activities during the first half, its cash and cash equivalents saw a decline by 26% decrease to 1.8 trillion rupiah, compared to 2.44 trillion rupiah as of December 2024.
“Throughout the first half of 2025, we navigated a more cautious consumer environment shaped by broader economic headwinds. While discretionary spending moderated, we remained steadfast in our commitment to operational discipline and strategic execution,” Blibli’s CEO and Co-Founder Kusumo Martanto said in a statement.
“Looking forward, we remain focused on continuous improvement and disciplined innovation. We will deepen our partnerships, refine our service experience, and leverage data-driven insights to anticipate and meet evolving consumer needs. With a clear strategic roadmap and unwavering determination, we are confident in our ability to deliver sustainable returns and reinforce our market leadership,” Martanto concluded.
