INDONESIAN e-commerce company Bukalapak reported on Monday (Aug 1) improved second quarter revenue, which more than doubled year-on-year, on the back of growth from Mitra Bukalapak.

The Indonesia Stock Exchange listed company said that revenue for the 3 months ended Jun 30, 2022 rose 105 per cent on year to 903 billion rupiah (S$83.6 million). Meanwhile revenue for the first half was also up 96 per cent to 1.7 trillion rupiah.

This came on the back of increased contribution from Mitra Bukalapak – which serves small family-owned stalls known as warungs – that contributed to 55 per cent of the company’s revenue in the second quarter, up from 33 per cent in Q2 2021.

Total processing value (TPV) rose 24 per cent on year to 36.5 trillion rupiah in Q2 2022. The company said that three-quarters of TPV came from outside tier 1 regions of Indonesia, where it continues to see “strong growth in all-commerce penetration and digitising trends among offline micro retail stores”.

Bukalapak also reported net profit of 8.6 trillion rupiah in H1 2022, reversing a net loss of 767 billion rupiah during the year ago period. The net profit was primarily due to a marked-to-market gain from an investment in PT Allo Bank.

Bukalapak’s management noted that the focus should be on the company’s operational numbers as reflected in its adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda).

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The company reported an adjusted Ebitda loss of 732 billion rupiah in the first half of 2022. Bukalapak noted this reflected an improvement in the adjusted Ebitda to TPV ratio, rising to negative 1 per cent from negative 1.2 per cent in the prior year period.

Bukalapak shares fell 0.7 per cent to close at 292 rupiah on Monday