PT Global Digital Niaga Tbk, the Indonesian retail and e-commerce group that owns Blibli, Tiket.com, Ranch Market, and Dekoruma, posted 34% revenue growth in 2025 and narrowed losses, as higher smartphone sales and expansion into physical retail helped offset margin pressure.
The company’s net revenue rose to 22.36 trillion rupiah ($1.4 billion) in 2025 from 16.72 trillion rupiah in 2024, according to an announcement.
Fourth-quarter revenue increased 55% year-on-year to 7.12 trillion rupiah, supported by gains across all segments, particularly consumer electronics.
Gross profit rose 19% year-on-year to 3.91 trillion rupiah in 2025, while operating losses narrowed to 2.01 trillion rupiah from 2.36 trillion rupiah a year earlier.
EBITDA losses also improved to 1.73 trillion rupiah from 2.11 trillion rupiah.
Blibli said its take rate rose to 8.5% in 2025 from 6.9% in 2024, reaching 8.7% in the fourth quarter, as higher-margin product categories contributed more to sales. Gross margin, however, declined to 17.5% from 19.7% due to changes in product mix.
Blibli’s 2025 financial performance
2025 marks a decisive step forward for the company, CEO and co-founder Kusumo Martanto said in a statement, adding that the group remained focused on building “a durable, integrated omnichannel ecosystem” despite moderating consumption and rising competition.
Blibli’s institutions segment remained a key growth driver, with revenue rising 58% to 8.96 trillion rupiah. Spending per institutional client increased 33% to 111.2 million rupiah, with the company serving more than 137,500 institutional clients during the year.
It also expanded its physical footprint in 2025, adding 61 consumer electronics stores, bringing the total to 265 outlets. It also operated 57 Ranch Market supermarkets, 39 Dekoruma home and living experience centres, and several specialty retail stores supporting its omnichannel strategy.
On the balance sheet, cash and cash equivalents fell 37% to 1.54 trillion rupiah at the end of 2025 from 2.45 trillion rupiah a year earlier, as the company increased working capital and capital expenditure.
Inventories rose 55% to 2.93 trillion rupiah, while total assets grew 10% to 17.8 trillion rupiah.
Liabilities increased 31% to 8.35 trillion rupiah, partly due to a 90% jump in short-term bank loans, while total equity slipped 4% to 9.45 trillion rupiah.
Blibli’s top shareholders
Chief Financial Officer Ronald Winardi said the company’s improved performance reflected stronger revenue growth and a leaner cost structure.
“Driven by sustained performance, ongoing initiatives, and a stronger cost and margin profile, we’re aiming for 15–20% net revenue growth in 2026,” Winardi said.
The company said the operating environment in 2026 would remain challenging, with Indonesian consumers staying selective and competition in e-commerce intensifying.
Against this backdrop, the company said it would focus on improving profitability, deepening ecosystem monetisation, and selectively expanding its retail network.
Blibli is one of Indonesia’s leading e-commerce platforms and forms part of a broader omnichannel ecosystem that integrates online shopping with physical retail and lifestyle services.
Through its parent company, the platform is linked with travel booking service Tiket.com, premium supermarket chain Ranch Market, and home and living brand Dekoruma, allowing it to serve both individual consumers and institutional clients across digital and offline channels.
