Heaptalk, Jakarta — PT GoTo Gojek Tokopedia Tbk (issuer code: GOTO) has announced its fourth-quarter and full-year 2024 financial results. The company exceeded its breakeven guidance with record highs in core GTV, gross revenue, and adjusted EBITDA, underscoring its rapid growth and profitability.
GoTo’s strong financial performance reflects solid momentum across its entire product portfolio, supported by disciplined cost management and strategic incentives to drive sustainable growth and profitability. The company’s Monthly Transacting Users (MTUs) grew by 22% year-on-year (YoY) in Q4 and by 16% for the full year.
The Group’s core GTV surged by 66% YoY in Q4 to Rp79.2 trillion and by 58% for the full year to Rp268.2 trillion. Meanwhile, total Group GTV rose by 32% YoY in Q4 to Rp144.5 trillion and increased by 29% for the full year to Rp519.8 trillion. Gross revenue climbed 28% YoY in Q4 to Rp5.0 trillion and grew 30% for the full year to Rp18.1 trillion. Adjusted EBITDA saw remarkable growth of 348% YoY and 191% quarter-on-quarter (QoQ) in Q4, reaching Rp399 billion for the period and Rp386 billion for the full year.
Patrick Walujo, CEO of GoTo Group, stated: “The significant growth in our user base over the year reinforces our confidence that this momentum will continue into 2025 as our ecosystem strategy continues to prove effective. Moving forward, we will further strengthen our business through innovations in operations and products to boost revenue, enhance cost efficiency, and provide more targeted and personalized customer services.”
Business Unit of GoTo
The adjusted EBITDA for Financial Technology recorded its first profitable full quarter, reaching Rp14 billion in Q4. This growth was driven by the expansion of the lending portfolio, an increase in consumer payments, and sustained cost discipline. Lending revenue grew 203% YoY in Q4 and surged 372% YoY for the full year 2024.
The value of consumer loans disbursed increased by 172% YoY in Q4 to Rp5.2 trillion, supported by deeper penetration of lending products within the ecosystem. The Financial Technology business unit is projected to continue its expansion in 2025, as the GoPay user base grows further. The lending portfolio is expected to surpass Rp8 trillion by 2025, further enhancing the Group’s adjusted EBITDA.
Furthermore, the adjusted EBITDA for the On-Demand Services (ODS) business unit increased by 12% year-on-year (YoY) in Q4 to Rp267 billion. It reached Rp679 billion for the full year 2024, compared to a loss of Rp219 billion in the previous year.
Revenue growth and margin expansion in ODS were driven by various product innovations, including the Special Delivery Fleet Program, which assigns driver-partners to operate exclusively in high-demand areas, targeted advertising strategies, and Merchant Funded Promotions (MFP). As an Indonesian-born technology company, GoTo recognizes that driver-partners are the backbone of its business, and their well-being is directly linked to its sustainability. GoTo generates an average of Rp1.5 trillion in monthly earnings for all driver-partners.
Simon Ho, CFO of GoTo Group, added: “The improvements in revenue and profitability reflect sustained growth across our core services and the effectiveness of our cost-management strategies. Our core GTV and revenue have consistently increased throughout the year. At the same time, our detailed approach to cost efficiency has enabled us to reduce recurring fixed cash expenses by 3% for the full year to Rp5.3 trillion. The strong financial foundation we have built in 2024 positions us well to continue executing our strategy in 2025.”
