GoTo Projected to Lose Rp22.8 Trillion in 2021

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Reza Pahlevi 15/03/2022 10:50 WIB

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This loss increased from Rp 16.74 trillion in 2020. In 2018 and 2019, the company also recorded losses of Rp 11.75 trillion in 2018 and Rp 24.08 trillion in 2019.

GoTo's Net Income Statement (2018 - 2021*)

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GoTo's Net Income Statement (2018 - 2021*)

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GoTo, Indonesia's largest valued startup, plans to hold its initial public offering (IPO) on the Indonesia Stock Exchange (IDX) on April 4, 2022. However, the financial performance of the merged company of Gojek and Tokopedia still shows a loss.

According to the prospectus, GoTo's losses reached Rp 8.17 trillion (approximately US$560 million) by July 31, 2021. This loss is expected to increase by the end of the fiscal year.

Projections by Indo Premier Sekuritas, the underwriter for GoTo's IPO, indicate that the company's losses reached Rp 22.8 trillion (approximately US$1.57 billion) in 2021.

This ongoing loss continues a trend from previous years. In 2020, GoTo experienced a loss of Rp 16.74 trillion (approximately US$1.15 billion). In 2018 and 2019, the company also recorded losses of Rp 11.75 trillion (approximately US$810 million) and Rp 24.08 trillion (approximately US$1.66 billion), respectively.

Despite continuous losses, net revenue has steadily increased. In the financial report up to July 31, 2021, the company recorded revenue of Rp 2.52 trillion (approximately US$173 million). Indo Premier estimates net revenue at Rp 6.26 trillion (approximately US$430 million).

This revenue represents an 87% increase from Rp 3.33 trillion (approximately US$229 million) in 2020. GoTo recorded revenue of Rp 1.44 trillion (approximately US$99 million) in 2018 and Rp 2.3 trillion (approximately US$158 million) in 2019.

GoTo will release 4.35% of its shares to the public in this IPO. With a price range of Rp 316 - Rp 346 per share, the funds raised could reach Rp 17.99 trillion (approximately US$1.24 billion).

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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GoTo Projected to Lose Rp22.8 Trillion in 2021

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