Heaptalk, Jakarta — Gojek’s holding company, PT GoTo Gojek Tokopedia Tbk, declared its third (Q3) 2024 financial performance, demonstrating significant profitability growth across several business units.
GoTo reported a robust increase in Gross Transaction Value (GTV) across its core and group segments, surging around 74% YoY to Rp72 trillion, while the total Group GTV increased by 37% YoY to Rp137.4 trillion. Additionally, its Adjusted EBITDA for Q3 also turned positive, hitting Rp137 billion, marking a significant business recovery from a loss of Rp559 billion in a similar period last year. Furthermore, GoTo’s monthly transaction users (MTUs) grew by 21% YoY across its ecosystem.
“This quarter, our strategy to leverage payment and on-demand services has allowed us to channel the right users towards our lending products, creating an integrated ecosystem that fulfills various needs. Encouraged by these developments, we anticipate our fintech segment to reach a positive adjusted EBITDA as early as next quarter, a full year ahead of previous guidance.” CEO of GoTo Group, Patrick Walujo, said.
Routine cash expenses were reduced by 3% YoY, while reported corporate cash expenses decreased by 37% YoY. As of September 2024, GoTo’s cash, cash equivalent, and short-term deposits attained Rp21 trillion. On the other hand, the company’s shareholders approved a 12-month share buyback program with a budget of up to US$200 in June 2024. All Extraordinary General Meeting of Shareholders (EGMS) resolutions were passed, including canceling treasury shares and reducing 10.3 billion Series A shares. The company expects to finalize in early November 2024.
“Our business continues to grow, particularly in the fintech segment, with strict operating expenses management. This is reflected in our top-line growth and bottom-line improvements, both at the business unit level and Group level. Our Q3 results mark the ninth consecutive quarter of adjusted EBITDA improvements YoY, setting us on track to achieve adjusted EBITDA breakeven for the full year,” CFO of GoTo Group, Simon Ho, conveyed.
GoTo 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 fast-growing Financial Technology business, the Company expects full-year 2024 Group adjusted EBITDA to break even.
