Heaptalk, Jakarta — PT GoTo Gojek Tokopedia (GoTo) announced its second-quarter financial performance. The company recorded a 39% YoY gross revenue enhancement, attaining Rp63.2 trillion. GoTo’s net revenue in 2Q24 was Rp3.5 trillion, an increase of 115% YoY.
The group adjusted EBITDA loss was reduced by 95% YoY and 53% QoQ to Rp48 billion, putting the company on track to meet its full-year adjusted EBITDA breakeven target. Also, GoTo booked a net loss of Rp954 billion for the second quarter, a reduction of 63% YoY.
Furthermore, Group core GTV, which excludes GoTo’s merchant payment gateway, increased by 54% YoY to Rp4.3 billion. Meanwhile, the group GTV increased by 26% YoY to Rp121.5 trillion. This digital ecosystem claimed its robust performance was driven primarily by user growth in reasonable on-demand service products, increasing GoPay app adoption and loan book growth, and disciplined cost control.
GoTo Group CEO Patrick Walujo said, “GrGrowthccelerated strongly in the second quarter as our strategic focus on mass market consumers, product innovation, and relentless execution continues to pay off. Addressing the needs of our consumers, whether they seek value or convenience, we will continue to provide the foundation for our growth to elevate our topline while remaining committed to Adjusted EBITDA breakeven for the full year,”
While its gross revenue has increased by 39%, Gojek Plus subscribers have expanded significantly. This output, combined with the progress of its mass-market strategy, drove a 20% YoY increase in monthly transaction users across the group in Q2. As a result of its strategic partnership with TikTok, GoTo receives a quarterly e-commerce service fee from Tokopedia commensurate with its scale and growth. This fee amounted to Rp171 billion in the second quarter, or net Rp157 billion when VAT is excluded.
“This growth was achieved as we continue to minimize our costs, improving our Adjusted EBITDA on a YoY basis for the eighth quarter in a row. We have robust optimism that we are on the right track to continue growing while remaining committed to our profitability goals,” GoTo’s CFO, Jacky Lo, voiced.
Following this outstanding performance, Gojek’s parent company expects to capture additional growth in broad user demographics in its core on-demand services and financial technology segments more cost-effectively across the expansive Indonesian market by leveraging its unique ecosystem that spans the full range of consumer spending. Under this plan and investments in the company’s ongoing growth, particularly in its fintech unit, the Patrick Walujo-led company looks forward to reaching full-year 2024 Group Adjusted EBITDA to breakeven.
