Rapid technological advancements have significantly altered many aspects of life, one of which is the transportation sector. The emergence of online transportation applications such as Go-Jek, Grab, and Uber has transformed how people use public transportation, leading many to switch from conventional taxis to internet-based services.
The popularity of online transportation applications has impacted conventional taxi operators, particularly PT Express Transindo Utama Tbk. This company, traded on the stock exchange under the code TAXI, has experienced declining revenue since 2016 and shrinking profits since 2015. In fact, this taxi company, listed on the stock exchange since 2012, has incurred losses for the past two years.
According to its published financial reports, Express Taxi incurred a loss of Rp 210 billion in the January-September period of last year, a 158% increase compared to the same period the previous year. Outstanding bond debt of Rp 995 billion, coupled with loans totaling Rp 392 billion, further burdens Express Transindo's financial performance.