[SINGAPORE] Goto Group on Wednesday (Mar 12) reported a net loss of 926 billion rupiah (S$75 million) for the fourth quarter ended Dec 31, narrowing from 80.9 trillion rupiah in the year-ago period.
This comes as the Indonesian tech giant’s revenue dropped marginally to 4.2 trillion rupiah, from 4.3 trillion rupiah the year before.
On a pro-forma basis, net revenue was up 90 per cent from 2.2 trillion rupiah. Pro forma numbers assume Tokopedia and its related delivery and fulfillment businesses under GoTo Logistics were deconsolidated since Jan 1, 2023.
The group said that the increase in revenue was driven primarily by the scaling up of its loan book as well as increased users and transaction volumes within the GoPay app.
For the last three months of the year, GoTo’s adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) surged to 399 billion rupiah from 77 billion rupiah in 2023.
For the full year, net revenue stood at 15.9 trillion rupiah, 8 per cent higher than 14.8 trillion rupiah in 2023. The group reported a loss of 5.5 trillion rupiah, down from 90.5 trillion rupiah a year ago.
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Recurring cash fixed costs declined by 3 per cent year on year to 5.3 trillion rupiah.
Patrick Walujo, the group’s chief executive officer, said: “We saw a significant increase in our user numbers throughout the year and expect this to continue into 2025 as our ecosystem strategy continues to prove effective.”
He added: “Looking ahead, we will further strengthen our business by innovating, both operationally and at the product level, to boost revenue, increase cost efficiency and deliver more targeted and personalised services that match customer needs.”
By operating segment, GoTo’s financial technology segment revenue grew 95 per cent year on year to 3.7 trillion rupiah in 2024. Its adjusted loss before interest, tax, depreciation and amortisation narrowed to 467 billion rupiah.
The group expects its financial technology segment to expand further in 2025 as the GoPay app user base continues to broaden.
Its on-demand services segment gross revenue grew 17 per cent to 14.2 trillion rupiah last year while it posted an adjusted Ebitda of 679 billion rupiah compared to a loss of 219 billion rupiah in 2023.
GoTo was formed after a merger between Gojek and Tokopedia in 2021.
For 2025, the group is expecting full-year adjusted Ebitda to be between 1.4 trillion rupiah and 1.6 trillion rupiah based on current market conditions.
Shares of GoTo closed up 3.8 per cent or three rupiah at 83 rupiah on Wednesday, before the announcement.
