GOTO's Losses Drop 62.3% to Rp2.69 Trillion in the First Half of 2024

Based on the financial report of PT GoTo Gojek Tokopedia Tbk (GOTO), the loss attributable to the parent entity's owners reached Rp2.69 trillion in the first half of 2024.

This net loss decreased drastically by 62.3% year-on-year (yoy) from Rp7.16 trillion in the same period last year.

The net revenue of the issuer with the code GOTO was Rp7.73 trillion in the first half of 2024. This figure increased by 12.4% (yoy) from Rp6.88 trillion in 2023.

Citing Katadata, GOTO recorded a core group gross transaction value (GTV), excluding the merchant payment gateway, that grew by 54% (yoy) from the previous Rp63.2 trillion.

Meanwhile, the Group's GTV in this quarter grew by 26% to Rp121.5 trillion. Revenue grew by 39% year-on-year, reaching Rp4.3 trillion. The adjusted Group EBITDA loss improved by 95% year-on-year and 53% quarter-on-quarter (QoQ), reaching Rp48 billion.

This strong performance was supported by user growth in the budget segment of on-demand services, increased use of the GoPay application, growth in lending, and disciplined cost management.

GoTo Group President Director Patrick Walujo stated that the accelerated growth in the second quarter reaffirms the company's strategy of focusing on the mass market consumer.

"This approach will continue to be the foundation of the company's growth, as we strive to increase our topline (revenue) and remain committed to achieving adjusted Group EBITDA breakeven for the full fiscal year 2024," said Patrick in his official statement on Tuesday (July 30, 2024).

GoTo Group Chief Financial Officer Jacky Lo explained that since the beginning of this year, the number of Gojek Plus customers has doubled. At the same time, the adoption of the GoPay application and GOTO's lending products has also continued to expand.

This was accompanied by strategic steps targeting the mass market, driving a 20% increase in the number of GoTo Group's monthly transacting users compared to the same period last year in the second quarter of 2024.

This growth was achieved alongside cost reduction and improved adjusted EBITDA reported annually for eight consecutive quarters. "With this situation, we believe that GOTO is on the right track to continue growing while remaining committed to achieving its profitability targets," he said.

GOTO's assets were recorded at Rp46.38 trillion in the first half of 2024. This figure decreased by 14.25% (yoy) from Rp54.09 trillion in December 2023.

Liabilities amounted to Rp12.86 trillion and equity to Rp33.51 trillion in the first half of 2024.

(Read Katadata: GOTO Performance Improves, Losses Down 62.3% to Rp2.69 Trillion)