GoTo Sees Strong Growth in Q2 2024, Aiming for EBITDA Breakeven by Year-End
Jakarta. Tech conglomerate GoTo Gojek Tokopedia (GOTO) has announced its Q2 2024 financial results, indicating progress towards achieving adjusted EBITDA breakeven by the end of 2024.
The company reported a Gross Transaction Value (GTV) of Rp 63.2 trillion ($3.88 billion) for its core business, excluding merchant payment gateway transactions, up 54 percent year-over-year. Overall GTV for the group reached Rp 121.5 trillion, a 26 percent increase from the previous year.
Gross revenue for GOTO grew by 39 percent year-over-year to Rp 4.3 trillion. Adjusted EBITDA loss improved by 95 percent year-over-year and 53 percent quarter-over-quarter to Rp 48 billion. This performance was driven by increased user growth in On-Demand Services, higher GoPay usage, expanded loan offerings, and improved cost management.
Patrick Walujo, CEO of GOTO, emphasized the company's focus on mass market consumers and its commitment to delivering affordable solutions. The goal is to achieve adjusted EBITDA breakeven for the full year 2024.
Finance Director Jacky Lo noted the acceleration in growth, with a 54 percent year-over-year increase in core GTV and a 39 percent rise in gross revenue. The number of Gojek Plus customers has doubled, and the adoption of GoPay and loan products has expanded.
Despite an ongoing EBITDA loss of Rp 150 billion for the first half of 2024, this represents a significant improvement from the previous year. Stockbit Sekuritas highlighted that GOTO's adjusted EBITDA loss in the first half of 2024 is substantially better than the prior year, with expectations for improved performance in the second half.
“Although the adjusted EBITDA remains at a negative Rp 150 billion for 1H24, we considers ths result to be relatively in line with expectations, taking into account seasonal weakness in 1H24," Stockbit's analyst Edi Chandren said on Wednesday.
GOTO also reported a 63 percent decrease in net loss for Q2 2024, totaling Rp 954 billion, supported by increased revenue and efficient cost management. The company completed a buyback of 3.8 billion shares by the end of June 2024, reflecting a purchase price of approximately Rp 50.5 per share.
GOTO's shares were traded at Rp 52, reflecting a 5.45 percent decline by the end of the first trading session on Wednesday.
Tags: Keywords:
as a preferred
Related Articles
Swedish Fund Manager Coeli Bets on GOTO, BBCA
Swedish fund manager Coeli enters Indonesia for the first time, betting on GOTO and BBCA after a 30% market decline.
GoTo Shares Sink Nearly 90% From IPO Price as Selloff Intensifies
GoTo shares plunged to Rp37 after the IDX removed the Rp50 minimum price, extending a selloff that has erased nearly 90% of its IPO price.
How Low Can They Go? GoTo, MNC Group Shares Fall Below Rp50
Indonesian stocks fell as the IDX cut its minimum share price to Rp1 from Rp50, with several low-priced stocks plunging 14%.
IDX Set to Scrap Rp 50 Minimum as Analysts Warn of Selling Wave
IDX plans to remove the Rp 50 minimum share price, but analysts warn the move could trigger a wave of selling and higher volatility.
GOTO May Fall Below Rp 50, But Analysts See a Path to Recovery
GOTO may fall below Rp 50 if the IDX scraps its price floor, but analysts say the move could clear a technical overhang and aid recovery.
Catherine Sutjahyo Resigns as GoTo Deputy CEO
Catherine Sutjahyo has resigned as GoTo deputy CEO for personal reasons as the technology company reports its first half-year profit.
Indonesia Faces Up to Rp 1 T Outflows After MSCI's Latest Index Review
MSCI cut GOTO from its investable index and downgraded CPIN, potentially triggering passive outflows from Indonesian stocks.
GoTo Calls MSCI Removal ‘Unwelcome News,’ Points to Solid Earnings
GoTo called its MSCI removal “unwelcome news” for shareholders but said the decision did not reflect its improving financial performance.
MSCI Removes GoTo, Charoen Pokphand from Global Standard Indexes
MSCI will remove GoTo and Charoen Pokphand from its Global Standard Indexes, with the changes taking effect after Aug. 31 trading.
MSCI Review: Indonesian Blue Chips Seen Avoiding Weight Cuts, BRPT to Stay
MSCI’s Aug. 12 review is expected to favor Indonesian blue chips, while BRPT stays and GOTO faces possible removal.The Latest
UN Boss Wants to Fix Security Council as Indonesia Seeks Seat
Outgoing UN chief Guterres says the current permanent member setup at the Security Council fails to reflect today's realities.
Saudi Flagship Investment Conference Pushed to 2027 after Houthi Attacks
The annual Future Investment Initiative (FII), often dubbed "Davos in the Desert", was originally scheduled to take place from October 26-29
Government Sets Aside Rp 1.3 Quadrillion for Final-Quarter Spending
Government spending has reached Rp 2.66 quadrillion, equivalent to 69.2% of the full-year budget target of Rp 3.84 quadrillion.
Indonesia Probes 98 Corporate Wildfire Cases, Including Possible Foreign Links
Police investigate 98 corporate-related wildfire cases, including possible links to investors from neighboring countries.
Students Plan Jakarta Protests to Mark Two Years of Prabowo's Presidency
Police have advised the public to avoid areas around the House of Representatives complex, the National Monument and the State Palace.Most Popular
