GOTO's Losses Swell Despite Increased Revenue in 2022

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Cindy Mutia Annur 21/03/2023 09:22 WIB

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According to the company's financial report, GOTO's losses increased despite a rise in revenue in 2022.

GOTO's Revenue and Net Profit/Loss (2021-2022)

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GOTO's Revenue and Net Profit/Loss (2021-2022)

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GoTo Gojek Tokopedia Tbk (GOTO) reported a net loss of Rp40.5 trillion (approximately US$2.7 billion) in 2022. This loss represents a 56% year-on-year (YoY) increase from Rp25.9 trillion in 2021.

The company's financial report attributes the increased net loss to an Rp11 trillion impairment of goodwill. This expense did not appear in GOTO's 2021 performance but emerged in 2022.

"The goodwill recorded by GOTO is a result of the merger of Gojek and Tokopedia, investments in JD.com, and increased share-based compensation expenses due to adjustments in employee tenure assumptions, as well as restructuring costs," said GoTo Group CEO Andre Soelistyo in a press release on Monday, March 20, 2023.

On the other hand, GOTO's gross transaction value (GTV) reached Rp613 trillion in 2022, a 33% YoY growth. From this GTV, GOTO generated gross revenue of Rp22.9 trillion, a 35% YoY increase.

After deducting customer promotional expenses, GOTO's net revenue reached Rp11.3 trillion, a 120% YoY increase from Rp5.2 trillion in the previous year.

Subtracting cost of revenue and sales and marketing expenses from net revenue resulted in a contribution margin of minus Rp6.33 trillion, a 28% improvement compared to the minus Rp8.87 trillion recorded a year earlier.

GoTo Group CFO Jacky Lo stated that the company continues to record growth despite macroeconomic uncertainties. He attributed this to comprehensive expense management through the implementation of structural efficiencies across the organization.

"Our goal is to drive cost savings, which has supported the achievement of profitability indicator improvements faster than anticipated," said Jacky.

"The company believes that we will achieve positive operating cash flow, along with accelerating progress towards our profitability target this year," he added.

Editor : Padjar Iswara

"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."