PT GoTo Gojek Tokopedia Tbk. (GOTO) has announced plans to distribute Eid bonuses to its Gojek drivers, a move that could impact the company’s financial performance. This follows a call from President Prabowo Subianto, urging online transportation platforms to provide cash bonuses for their drivers as a gesture of appreciation for their contribution to Indonesia’s transport and logistics services.

Catherine Hindra Sutjahyo, President of Gojek, confirmed the initiative, named the Tali Asih Hari Raya program, designed to offer direct cash bonuses to eligible Gojek drivers. “We understand that Ramadan is a special yet challenging time for our partners. This year, we’ve made the Tali Asih Hari Raya program even more meaningful, helping our driver-partners celebrate Eid with greater ease,” Catherine said in an official statement on Monday (10/3/2025).

The cash bonuses will be distributed ahead of Eid, with Gojek’s management emphasizing that the program reflects their commitment to supporting drivers, aligning with the company’s capacity, and responding to the government's recommendation. “Gojek continues to coordinate with the government to ensure transparency in fund allocation for our partners,” the company stated.

Financial analysts have weighed in on the potential effects of this program on GOTO's bottom line. Senior Market Chartist at Mirae Asset Sekuritas, Nafan Aji Gusta, highlighted that while the Eid bonuses could increase GOTO’s operational costs, they might also drive productivity among drivers, positively impacting the company’s gross transaction value (GTV) and gross merchandise value (GMV).

"If this move boosts productivity, it could reduce GOTO’s net losses. However, if bonuses are given without a corresponding rise in productivity, it may weaken the company’s bottom line," Nafan explained on Tuesday (11/3/2025).

As of September 2024, GOTO reported cash and cash equivalents of Rp20.18 trillion, a decrease from Rp24.41 trillion in the same period the previous year. Of this amount, Rp14.81 trillion was placed in non-sharia banks, Rp4.23 trillion in time deposits, and Rp1.49 trillion across sharia bank products and time deposits.

Investment bank JP Morgan also commented on the planned Eid bonuses, noting that GOTO has around 3 million registered drivers. Based on their study of the transport and taxi industries, Eid incentives typically range from 10–25% of a driver’s average monthly income. Since most Gojek drivers work part-time, JP Morgan believes the financial impact on GOTO will be manageable.

JP Morgan remains optimistic about GOTO’s 2024 performance, projecting an adjusted EBITDA of Rp173 billion for the full year. For 2025, the bank forecasts GOTO's adjusted EBITDA could reach US$80 million (around Rp1.3 trillion), significantly higher than the consensus estimate of Rp322 billion.

Additionally, they pointed out that GOTO’s strategic recovery over the past two years has struck a balance between growth and profitability. "We believe GOTO's EBITDA trajectory is at a turning point, moving toward positive territory," JP Morgan stated.

The investment bank also hinted at a possible merger between GOTO and Grab at Rp100 per share, suggesting it could offer a medium-term boost to GOTO’s valuation.

PHOTO: JAWAPOST/DERY RIDWANSAH

This article was created with AI assistance.