Blibli Group recorded a 21.2% drop in losses amid higher revenue and take rate. Separately, Traveloka prepays $300-million private credit loan to a group of lenders.
Blibli cuts losses by 21% in Q1 2024
Indonesia-listed PT Global Digital Niaga Tbk, an entity that includes e-commerce player Blibli, online travel agency Tiket.com, and supermarket chain Ranch Market reported lower losses in Jan-March 2024 amid overall improvements in its business.
The group recorded a 21.2% year-on-year (YoY) drop in losses in the first quarter of 2024 to 696.1 billion rupiah ($43 million) from 883.6 billion rupiah in the same period a year earlier.
The group’s net revenue increased 2% YoY to 3.9 trillion rupiah, up from 3.8 trillion rupiah a year earlier as the firm focused on categories with higher margins and faster turnover.
Physical stores became the main contributor to Blibli’s revenue with nearly 1.3 trillion rupiah in Q1 2024, while its online retail segment remained a major contributor with 1.1 trillion rupiah, according to a statement.
The group’s take rate—or the fees collected by a third-party service platform—increased to 6.3% in the first quarter of 2024, compared with 4.9% in the same period a year earlier.
Throughout the first quarter of 2024, Blibli Group boasted an improved cost structure on the back of lower advertising and marketing costs as well as warehousing, packing, and shipping costs. Blibli, however, had to spend more on rent and salary as the group strengthened its omnichannel strategy through offline stores.
Blibli added six consumer electronic stores throughout Q1 2024 in a bid to reach its target market better. In total, the firm operates 172 consumer electronic stores and 63 supermarkets.
PT Global Digital Niaga Tbk grew its total assets to 14.9 trillion rupiah as of March-end 2024 from 12.8 trillion rupiah as of Dec-end 2023.
Traveloka pays $300m debt early
PT Traveloka Indonesia, an Indonesian travel tech unicorn, has reportedly repaid a $300-million private credit loan to a group of lenders that include BlackRock Inc and Orion Capital Asia, Bloomberg reported based on sources.
Other lenders include the Indonesia Investment Authority and Allianz Global Investors.
The source said Traveloka withdrew only $250 million of the $300 million. The firm used its internal cash to repay the loan obtained in 2022 and due in 2026, sources said, noting that there was an option to repay early in April.
The financing was meant to strengthen Traveloka’s balance sheet, said Ferry Unardi, Traveloka’s CEO and co-founder, in a previous statement.
Traveloka Pte Ltd, a Singapore-registered entity behind PT Traveloka Indonesia, reported revenues of $225.92 million for the financial year ended Dec 31, 2022, according to regulatory filings. That was a significant increase compared with $129.29 million in the same period of the previous year.