- Blibli sharpens margins, slashes losses with strategic category focus.
- Indonesian tech titan rakes in $241.2 million, EBITDA losses plunge 30%.
- Tiket rebounds on Ramadan travel surge while costs optimized.
Global Digital Niaga, the holding company behind Indonesian tech titans Blibli and Tiket, kicked off 2024 with a bang.
In Q1, the firm raked in a cool $241.2 million in net revenues, marking a 2% year-over-year uptick. But the real showstopper? A 30% year-over-year plunge in EBITDA losses, landing at a svelte $35.1 million for the quarter.
Shrewd strategy, selectively scrumptious
Blibli’s CEO and co-founder, Kusumo Martanto, credited the growth to a laser-focus on higher-margin, faster-turnover categories.
Despite a sluggish consumer spending climate, Blibli’s B2C segment navigated the turbulence through a strategic “category selective growth” approach, bolstered by an expanding omnichannel physical presence.
Tiket’s Ramadan rebound
While Tiket, the online travel agent (OTA) arm, basked in a Ramadan homecoming surge, Blibli’s retail optimization initiatives slightly tempered the overall boost.
Nevertheless, the take rate climbed from 4.9% to 6.3%, propelling a 29% year-over-year leap in gross profit before discounts.
Through a series of cost-cutting maneuvers, Blibli slashed total operating costs as a percentage of total payment volume from 8.1% to 7.7%. On the Indonesian Stock Exchange (IDX), Blibli’s shares are soaring at $0.03 – a far cry from the fates of fellow tech titans GoTo and Bukalapak.
To read the original article: https://www.techinasia.com/global-reports-29-yoy-gross-profit-increase-q1-2024
