PT GoTo Gojek Tokopedia Tbk (GOTO) has reported its 2024 financial performance, showing an increase in revenue and a significant reduction in expenses, continuing the upward trend recorded since Q3 2024.

According to the financial report published on the Indonesia Stock Exchange (BEI) on Wednesday, March 12, 2025, GoTo's net revenue reached Rp15.9 trillion in 2024, an 8% rise from Rp14.78 trillion in 2023. The company's revenue streams included service fees (Rp5.8 trillion), delivery services (Rp5.34 trillion), loans (Rp1.93 trillion), e-commerce service fees (Rp621.87 billion), advertising fees (Rp554.99 billion), and other income (Rp1.63 trillion).

GoTo’s total expenses decreased by 28% year-on-year (YoY) to Rp18.1 trillion in 2024. Several key expense categories showed significant declines:

• General and administrative expenses fell by 22% to Rp4.4 trillion.
• Sales and marketing expenses dropped 56% to Rp2.8 trillion.
• Product development costs decreased by 50% to Rp1.8 trillion.
• Supporting operational expenses declined by 43% to Rp976 billion.
• Depreciation and amortization expenses were cut by 72%, amounting to Rp744 billion.

The sharp reduction in expenses, combined with revenue growth, led to a notable improvement in GoTo’s operating losses. The company recorded an operating loss of Rp2.2 trillion in 2024, a 78% improvement from the previous year.

GoTo’s other expenses totaled Rp3 trillion, a 96% reduction from 2023, largely due to a smaller goodwill impairment recorded in 2024 compared to the prior year.

As a result, GoTo's net loss for the year fell by 94%, from Rp90.5 trillion in 2023 to Rp5.5 trillion in 2024.

In addition, GoTo achieved a positive adjusted EBITDA of Rp386 billion for 2024, surpassing its target of breaking even from a negative Rp2.25 trillion in 2023. The company's adjusted EBITDA in Q4 2024 alone reached Rp399 billion, growing 348% YoY and 191% quarter-on-quarter (QoQ).

GoTo Group CEO Patrick Walujo emphasized the company’s focus on innovation and efficiency, stating, "Through consistent product innovation and excellent execution, we exceeded our set guidance, achieving an adjusted group EBITDA of Rp386 billion for the full year 2024."

GoTo's CFO Simon Ho added that the company’s improved revenue and profitability reflect continued growth in core services and effective cost management. He noted that GoTo's core gross transaction value (GTV) grew by 58% YoY to Rp268.2 trillion in 2024, while the group's total GTV rose by 29% YoY to Rp519.8 trillion.

Looking ahead, GoTo aims to strengthen its financial foundation, targeting adjusted EBITDA growth to between Rp1.4 trillion and Rp1.6 trillion for 2025, driven by revenue increases, cost efficiency, and personalized customer services.

PHOTO: GOTO

This article was created with AI assistance.