GoTo Exceeds Target, Reports Adjusted EBITDA of $24.6 Million in 2024
Main Takeaways
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JAKARTA, investortrust.id – PT GoTo Gojek Tokopedia Tbk (GOTO), Indonesia’s largest digital ecosystem, reported an adjusted EBITDA of Rp 386 billion ($24.6 million) in 2024, exceeding its management’s target.
This growth was driven by increased revenue, coupled with significant cost reductions. According to its financial report, GOTO’s net revenue grew by 8% from Rp 14.78 trillion in 2023 to Rp 15.89 trillion in 2024.
Contribution margin also surged from Rp 4.43 trillion to Rp 5.93 trillion. For the first time, the company recorded a positive adjusted EBITDA of Rp 386 billion, a sharp turnaround from an adjusted EBITDA loss of Rp 3.67 trillion in 2023.
Despite this achievement, GOTO still recorded a net loss of Rp 5.46 trillion in 2024, a significant improvement from its Rp 90.41 trillion loss in the previous year. Operating losses also narrowed drastically from Rp 10.27 trillion to Rp 2.24 trillion.
Strong Performance Across Business Segments
GOTO attributed its financial improvement to disciplined cost management and optimized incentives aimed at driving sustainable growth. The company reported a 22% year-on-year increase in Monthly Transacting Users (MTUs) in Q4 2024, with an overall annual growth of 16%.
Patrick Walujo, President Director of GoTo Group, emphasized the company’s focus on maintaining a competitive edge in Indonesia’s fast-evolving digital landscape.
“Throughout 2024, we have consistently explored innovative ways to stay ahead in a highly competitive market. By focusing on product innovation and executing our strategies effectively, we have outperformed our guidance, delivering an adjusted EBITDA of Rp 386 billion for the year. Additionally, we achieved our first-ever positive adjusted EBITDA quarter for our Financial Technology business unit,” Walujo stated in Jakarta on Wednesday, March 12, 2025.
Looking ahead, he affirmed that GOTO will continue to strengthen its business through operational and product innovations, enhancing revenue streams, improving cost efficiencies, and delivering more personalized services to meet customer needs.
GOTO has set a bold target for 2025, aiming to sustain its adjusted EBITDA growth with projections ranging between Rp 1.4 trillion and Rp 1.6 trillion for the year.