GoTo will prioritize high-quality growth through product innovation to amplify the synergy between ecosystem and customer and well-managed operations expenses for the whole business lineup.
Heaptalk, Jakarta — PT GoTo Gojek Tokopedia Tbk conducted the company Incidental Public Expose agenda on Thursday (12/08), intending to deliver several business strategies devoted to the public investors. The agenda is also to fulfill the Indonesia Stock Exchange request amid the GOTO stock price volatility for the last few days that also impact the Jakarta Composite Index (IHSG) rate.
During the third quarter of 2022, The President Director of GoTo, Andre Soelistyo, conveyed the company’s performance achievement has affirmed the company’s solemnity to attain profitability. To expedite this intention, Andre intends to perform two priorities of GoTo: high-quality growth through product innovation to amplify the synergy between ecosystem and customer and well-managed operations expenses for the whole business lineup.
Based on the company document, GoTo has closed its net loss diminishment trend in the Q3 of 2022, whereby adjusted EBITDA loss has decreased by 10%, becoming US$237 million compared to the previous loss worth US$263 million in Q2 this year. As a result, GoTo completed its adjusted EBITDA loss improvement for Q3 consecutively. This outcome equals the Adjusted EBITDA loss reduction of 11%, compared to the Adjusted EBITDA loss worth US$269 million in the same period last year.
Meanwhile, during the initial nine months of 2022, the GTV of GoTo penetrated IDR 451.47 trillion in the equivalent period last year of IDR 324.94 trillion (proforma), increasing by 38.94%. In addition, the gross revenue has also elevated by 420%, reaching US$1.1 billion, compared to the former worth US$751 million (proforma).
GoTo Product innovation and services in a primary business lineup
The company management also elaborated the strategy to boost business growth through several product innovations. As the reward program to maintain the consumers’ loyalty to the GoTo ecosystem, GoPay Coins has absorbed around 21% of the customers in utilizing this innovation. Afterward, a payment service using the installment system on the Tokopedia platform, the Gopaylater Cicil feature, has also been available to around 4 million users in the whitelist.
“We observed several business growths with high quality through our innovations, spanning the presence of the new service GoTo Plus and the usage expansion of GoPaycoins as the loyalty awards in the entire GoTo ecosystem to realize the company strategy in stimulating better monetization experience. The accomplishment of the third quarter has proven us to be the right way as the most prominent digital ecosystem in Indonesia,” Andre added.
On the other hand, the GoTransit service enables users to purchase a commuter line ticket using the Gojek application. This service has contributed to the whole digital ticket of KCI by 74% by September 2022. Moreover, the GoTo Plus has also been used by over 50,000 consumers. While the GoFood Hemat feature, food delivery service in aggregate within a 2 km radius.
Meanwhile, the three primary business line up of GoTo, consisting of Gojek, Tokopedia, and GoTo Financial (GTF), has also demonstrated a fantastic performance in the third quarter of 2022. Gojek’s on-demand service recorded a GTV of US$1 billion, enhancing 24% YoY. While the Gojek group’s quarterly gross revenue has uplifted 30% YoY, attaining US$378 million.
Furthermore, The e-commerce service GTV value on Tokopedia has climbed 15% YoY, achieving US$4.4 billion, with the gross revenue enhanced 27% YoY, becoming US$141 million. Concurrently, the financial technology GTV value through the GTF product has also improved significantly by 78% YoY, or approximately US$6.2 billion, with the gross revenue increased by 48% YoY, attaining US$25 million.
“A solid performance throughout the year attests to the company’s resilience and the fundamental strength of the Indonesian economy. For this reason, we want to continue this positive trend through quality business growth and sustainable efficiency in accelerating our steps toward profitability.” The Director of GoTo, Jacky Lo, concluded.
