Blibli continues to test Djarum Group

- Selasa, 4 April 2023 | 08:13 WIB
Blibli continues to test Djarum Group (
Blibli continues to test Djarum Group (

DEPOK (eNBe Indonesia) - Online shopping mall (PT Global Digital Niaga Tbk/BELI)), owned by Djarum Group, suffered loss of Rp5.53 trillion in 2022, widened from loss Rp3.35 trillion in 2021, due higher expenses.

Revenues jumped 72.7% year on year (y/y) to Rp15.27 trillion, but cost of revenues also rose 59% y/y to Rp14 trillion.

Gross profit jumped 110% y/y to Rp1.2 trillion, which is good. But, BELI’s selling expenses rose 53.7% y/y to Rp2.89 trillion, and general & administrative expenses increased 33.2% y/y to Rp3.37 trillion.

BELI then recorded operating loss of Rp5 trillion, widened from Rp3.78 trillion loss in 2021.

On revenues, online retail segment contributed Rp10.42 trillion, physical stores Rp3.58 trillion and institutions contributed Rp2.47 trillion.

BELI’s liability decreased to Rp3.59 trillion from Rp8.3 trillion, as it paid off debt of Rp5.5 trillion, funded by proceeds of the initial public offering (IPO).

BELI raised Rp7.7 trillion from IPO, used to pay off debt, for working capital including subsidiaries such as

That said, BELI has paid off debts to Bank Central Asia (BBCA) and Bank BTPN (BTPN). But has made new loans or debt to said two banks.

Earlier, BELI said its Ebitda to Total Processing Value (TPV) ratio has improved, mainly supported by increased operational expense efficiency, and driven by an increase in all segments, especially from the retail 3P segment, which was contributed by the recovery in the travel sector (

TPV’s growth was also supported by organic growth, as seen from yearly transacting users (YTU), which increased from 2.4 million users by September 2021 to 4.3 million users by September 2022.

BELI fell 0.86% to Rp462 on Thursday (March 30), to make market capitalization of Rp55.2 trillion.

BELI listed its shares on Indonesia Stock Exchange (IDX) on November 8, 2022, trading at Rp450 per share with market capitalization of Rp53.3 trillion or over five times equity, which means more expensive than market leader GOTO Gojek Tokopedia (GOTO) and (BUKA).

BELI, which once owned 0.83% shares in GOTO, decided to offload all of its interest in GOTO with recognized losses of Rp2.8 trillion. Lucky that the loss is not incorporated in the consolidated profit-loss statement.

Market momentum did not support as it is on volatile mood, amid high interest rate concern, also non conducive technology sector.

Going forward, the ecosystem built by BELI, PT Global Tiket Network or, and PT Supra Boga Lestari Tbk (RANC) or Ranch Market, also omnichannel development strategy, would boost BELI’s earning performance.

BELI has 14 subsidiaries, including listed PT Supra Boga Lestari Tbk and 8 indirectly-owned entities. The Company also has 8 associated and investment firms, including PT GoTo Gojek Tokopedia Tbk (PT Aplikasi Karya Anak Bangsa).

BELI ( claims to be the first Indonesian online shopping mall. Kusumo Martanto acts as the chief executive officer of BELI and co-founder. He said Indonesia has a huge potential for the establishment of the e-commerce industry.

Still, for how much longer public investors have to wait to see profit?

Djarum, owned by the richest family Hartono, might have to dig pocket deeper to support Blibli because accumulated deficit in equity ballooned to Rp19.85 trillion. Cash in hand dropped nearly Rp2 trillion last year despite the IPO proceeds.

The Hartonos, of course, are cash-rich. Bank Central Asia (BBCA), a company with market capitalization of Rp1,077 trillion or US$70 billion, steadily paying out cash dividends.

Sarana Menara Nusantara (TOWR), a company with market cap Rp47 trillion, also paid out dividends regularly. Blibli, if anything, can be like SmartFren for Sinarmas Group (Widjaja Family), which for more than one decade in losses, absorbing the family’s resources.***

Editor: Adrianus Nulangi Madaala



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