PT GoTo Gojek Tokopedia Tbk (GoTo), the largest digital ecosystem in Indonesia, has exceeded its breakeven guidance, with record high core gross transaction value (GTV), gross revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), underscoring its accelerating growth and profitability.
GoTo said in a statement on Wednesday that the company’s strong financial performance reflects healthy momentum across its product mix with ongoing disciplined cost and incentive management driving sustainable growth and profitability.
The firm’s gross revenue increased by 28 percent year on year in the fourth quarter to Rp 5 trillion ($304 million) and rose 30 percent for the full year to Rp 18.1 trillion.
The group’s adjusted EBITDA surged 348 percent year on year and 191 percent quarter on quarter in the fourth quarter, reaching Rp 399 billion for the quarter and Rp 386 billion for the full year.
Meanwhile, monthly transacting Users (MTUs) across the GoTo ecosystem increased by 22 percent year on year in the fourth quarter and 16 percent over the full year.
The group’s core GTV also grew by 66 percent year on year in the fourth quarter to Rp 79.2 trillion and increased by 58 percent over the full year to Rp 268.2 trillion, while fourth quarter group GTV1 increased 32 percent year on year to Rp 144.5 trillion, and 29 percent for the full year to Rp 519.8 trillion.
Going forward, GoTo said the firm is on track for continuing growth and profitability, harnessing the value of its unique ecosystem.
By tailoring its products for different demographics and user preferences while using its platform to deliver more targeted services across its user base, the company expects to reach more people across Indonesia more efficiently.
GoTo currently expects full-year 2025 group adjusted EBITDA4 to be between Rp 1.4 trillion and Rp 1.6 trillion.
It said the outlook is based on current market conditions and reflects the company’s preliminary estimates, which are all subject to various uncertainties and risks.
These include increasing market competition, which is expected to continue over future quarters, as well as cost inflation, macroeconomic conditions and other variables.
“Throughout 2024, we continued to search for fresh and effective ways to win the intense battle for the Indonesian consumer,
“By driving consistent product innovation and executing with excellence, we exceeded our guidance, achieving full-year adjusted EBITDA of Rp 386 billion and recording our first ever quarter of positive adjusted EBITDA in our financial technology segment,” said Patrick Walujo, GoTo Group Chief Executive Officer.
“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,
“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 personalized services that match customer needs,” he added.
Simon Ho, GoTo Group Chief Financial Officer, said the firm’s top and bottom-line improvements illustrate the ongoing growth of its core services as well as the effective cost management strategies that it has implemented across the business.
“Group core GTV and revenue have increased consistently throughout the year, while our refined approach to cost efficiency brought down recurring cash fixed costs by 3 percent for the full year to Rp 5.3 trillion,
“The healthy financial foundation we have laid in 2024 places us on solid footing to continue executing our strategy in 2025,” he added.
Meanwhile, the group’s recurring cash fixed costs decreased by 3 percent in 2024, and recurring cash corporate costs declined by 34 percent.
The firm also maintains a solid cash position and balance sheet.
As of December 31, 2024, the company had Rp 21 trillion, or $1.3 billion, in cash and cash equivalents and short-term time deposits.
Patrick Walujo commits to staying as Indonesia’s GoTo CEO until 2029