GOTO Records Loss of IDR 937
Billion in Quarter I-2024
Jakarta, CNBC Indonesia – Indonesia’s former giant startup technology issuer, GoTo Gojek Tokopedia (GOTO), reported throughout the first quarter of this year. In the first three months of 2024, GOTO’s net income was recorded to have increased 22% to IDR 4.08 trillion, from only IDR 3.33 trillion at the end of March 2023.
Meanwhile, the company’s loss for the current period was also cut by 76% from previously reaching IDR 3.90 trillion in March last year, now the loss is IDR 937 billion.
GOTO, which claims to be Indonesia’s largest digital ecosystem, said the Group’s gross transaction value (GTV) this quarter grew 20% to IDR 116.5 trillion, while the Group’s core GTV, which excludes payment gateway merchants, grew 32% compared to the same period in the previous year. (YoY) or reached IDR 54.6 trillion.
Adjusted Group EBITDA, often a preferred profitability metric for technology startups, was negative IDR 102 billion, with losses improving by 89% YoY. This good performance record is supported by user growth, buy now pay later (BNPL) business in e-commerce, as well as accelerated integration and adoption of payments on TikTok.
However, this condition reversed from the positive adjusted EBITDA score in the final quarter of last year.
Specifically, the company’s on-demand segment recorded a positive adjusted EBITDA of IDR 166 billion, with the fintech segment still posting a loss of IDR 248 billion. Meanwhile, GoTo posted an e-commerce service fee of around IDR 110 billion for the period February-March 2024.
Source : CNBC INDONESIASOURCE : CNBC INDONESIA