In This Article:
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Group Core GTV: IDR63.2 trillion, up 54% year-on-year.
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Group GTV: IDR121.5 trillion or $7.4 billion, up 26% year-on-year.
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Gross Revenues: IDR4.3 trillion or $260 million, up 39% year-on-year.
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Recurring Cash Fixed Costs: IDR1.3 trillion or $78 million, decreased 5% year-on-year.
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Group Adjusted EBITDA: Negative IDR48 billion or $2.9 million, reduced losses by 95% year-on-year.
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On-Demand Services GTV: Up 14% year-on-year.
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On-Demand Services Adjusted EBITDA: Positive IDR90 billion or $5.5 million.
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Fintech Core GTV: Up 65% year-on-year.
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Consumer Lending Book: IDR3.5 trillion or $210 million, grew 3.5 times year-on-year.
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Fintech Gross Revenues: IDR788 billion or $48 million, up 97% year-on-year.
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Cash Balance: IDR22 trillion or US$1.34 billion as of June 30.
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Share Buyback: 3.8 billion shares, approximately $12 million or IDR198.4 billion.
Release Date: July 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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PT Goto Gojek Tokopedia Tbk (FRA:CK8) reported a 54% year-on-year increase in group core GTV, driven by a 20% increase in monthly transacting users.
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The company achieved significant growth in on-demand services, with GTV and completed orders in Indonesia growing by 18% and 24% year-on-year, respectively.
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The GoPay app has seen substantial growth, with app downloads surpassing 30 million and a declining cost per install.
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The company's financial technology business experienced a 65% year-on-year increase in core GTV, supported by growth in payments and lending services.
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PT Goto Gojek Tokopedia Tbk (FRA:CK8) has successfully reduced its adjusted EBITDA losses by 95% year-on-year and 53% quarter-on-quarter, demonstrating improved financial performance.
Negative Points
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The company is still facing intense competition across all segments, which could impact future growth and profitability.
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Despite improvements, the adjusted EBITDA remains negative, and the company needs to achieve positive adjusted EBITDA to meet its full-year breakeven target.
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There is a noted decline in profitability margins, particularly in the on-demand services segment, which could affect future financial performance.
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The share price has been stagnant, not reflecting the company's strong business performance, which may affect investor confidence.
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The company faces challenges in maintaining credit quality in its lending business amidst a deteriorating macroeconomic environment.
Q & A Highlights
Q: What is the plan to reach positive adjusted EBITDA in the second half of 2024, given the negative results in the first half? A: Patrick Walujo, President Director & CEO, stated that the company remains committed to achieving group adjusted EBITDA breakeven for the full year. They have seen revenue growth and room for improvement in adjusted EBITDA for both on-demand services and Fintech segments. Historically, the second half of the year performs better due to seasonality, which supports their confidence in meeting targets.