PT GoTo Gojek Tokopedia Tbk (GoTo), the largest digital ecosystem in Indonesia, announced its 2024 third quarter financial results.

The group’s adjusted EBITDA, turned positive, reaching a new high of 137 billion rupiah ($8.73 milion) versus a loss of Rp559 billion ($35.6 million) in the same period last year.

This strong performance was underpinned by a 21 percent year-on-year increase in Monthly Transacting Users (MTUs)8 across the GoTo ecosystem, the group said in a statement on Wednesday.

Patrick Walujo, GoTo Group CEO, said: “We’re pleased to report another quarter of strong performance across GoTo, with all cylinders firing as our business accelerates. Our strategy works because each part of our ecosystem adds value to the others – a model that is increasingly bearing fruit as we aggressively pursue new users and enhance profitability across our rapidly expanding business.”

“Our progress is such that we now expect our Financial Technology segment to reach positive adjusted EBITDA next quarter, one year ahead of schedule,” he added.

Simon Ho, GoTo Group CFO, said, “Our business is progressing swiftly, particularly the financial technology segment, while we continue to be prudent in terms of cost management.”

“This is clearly reflected in our top-line growth and bottom-line improvements, both by business segment and at the Group level, with the third quarter marking our ninth consecutive quarter of year on year adjusted EBITDA improvement,” he added.

“Looking ahead, we expect to continue on our growth trajectory over the coming months, while booking further cost savings and solidifying improvements in our bottom line. We are squarely on track to reach our target of Group adjusted EBITDA breakeven for the full year,” he said.

On its outlook, GoTo expects to capture additional growth in broad user demographics in its core On-Demand Services and Financial Technology segments more cost-effectively across the expansive Indonesian market by leveraging
its unique ecosystem that spans the full range of consumer spending.

Under this plan and investments in the company’s ongoing growth, particularly in its fast-growing Financial Technology business, the company currently expects full-year 2024 Group adjusted EBITDA to breakeven, GoTo added.

Indonesian GoTo’s Q2 revenue up 39 percent on year to $265.58M