GoTo financial report for third quarter shows growth in GTV

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GoTo, one of Indonesia's largest digital ecosystem, has seen the group's core gross transaction value (GTV) increased by 74% year-on-year to Rp72.0 trillion in the third quarter results, while the overall group GTV rose by 37% to Rp137.4 trillion.Gross revenue grew by 34%, reaching Rp4.7 trillion. Moreover, the Group's adjusted EBITDA was positive at Rp137 billion, marking a significant shift from a loss of Rp559 billion in the previous year. This growth was supported by a 21% rise in monthly transacting users across the GoTo ecosystem.

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Patrick Walujo, CEO of GoTo Group, expressed satisfaction with the performance, citing the effectiveness of the company's ecosystem strategy in attracting users and enhancing profitability. Walujo projected the Financial Technology segment to achieve positive adjusted EBITDA in the next quarter.

Simon Ho, CFO of GoTo Group, highlighted the improvement in the financial technology segment and the importance of cost management.

"This is reflected in our top-line growth and bottom-line improvements, both by business segment and at the Group level," Ho noted, emphasising the third quarter as the ninth consecutive period of year-on-year adjusted EBITDA improvement. He anticipates continued growth, further cost savings, and achieving Group adjusted EBITDA breakeven for the full year.

The company reported a reduction in recurring cash fixed costs by 3% year-on-year and a 37% decrease in corporate costs. As of September 30, 2024, GoTo maintained a strong cash position with Rp21 trillion (approximately US$1.39 billion) in cash and cash equivalents, as well as short-term time deposits.

These results underscore the ongoing expansion and strategic improvements in GoTo's business operations.

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