GOTO: Improved, but still in red

- Jumat, 31 Maret 2023 | 09:26 WIB
GOTO: Improved, but still in red (Sutterstock)
GOTO: Improved, but still in red (Sutterstock)

DEPOK (eNBe Indonesia) - Technology firm Goto Gojek Tokopedia (GOTO) suffered loss of Rp40.4 trillion in 2022, widened from Rp25.9 trillion loss in 2021, as the goodwill (for impairment) contributed Rp11 trillion loss.

While waiting the audited financial report, GOTO revealed that the decline in the value of goodwill is not directly related to the company’s operational conditions, and has no effect on the company’s cash liquidity.

That said, the loss due to goodwill impairment was inline with the deteriorating market conditions. Technology companies are experiencing pressure due to the evaporation of market capitalization, of course, reducing the value of goodwill.

Meanwhile, GOTO stated that the gross transaction value or gross transaction value (GTV), grew 33% year on year (y/y) to Rp613.36 trillion in 2022. In the fourth quarter (Q4) of 2022, GOTO’s GTV grew 18.45% y/y to Rp161.89 trillion.

GOTO booked gross revenue of Rp22.9 trillion in 2022, grew 35% y/y. In Q4 of 2022, gross revenue reached Rp6.3 trillion, a 19% rise y/y. This gross revenue reflected a take rate of 3.7% in 2022 and 3.9% in Q4.

On-demand service business segment (Gojek, GoFood, other services) contributed Rp13.6 trillion gross revenue last year, a 32% rise y/y, along with the GTV of Rp61.6 trillion.

E-commerce business segment led by Tokopedia contributed gross revenues of Rp8.6 trillion, a 38% rise y/y.

While GOTO’s net revenue was Rp11.3 trillion in 2022, surged 120% y/y. In Q4, net revenue surged 199% y/y to Rp3.4 trillion.

The Company also cut operational expenses by 20% (Rp200 billion monthly cost) in Q4 of 2022. Product incentives and marketing expenses were cut by 34% (Rp2.8 trillion). Incentives for service consumers was cut by around 40%.

GOTO reported positive growth for the average consumer transaction. It grew 24% y/y to 9.6 million per consumer per year in Q4 of 2022.

The number of consumers on-demand services and e-commerce grew by 19% in said period. The transaction value reached more than 60% of the total gross to value of Rp16.1 trillion.

GOTO expects its GTV growth to slow in Q1 of 2023. It is still in the process of accelerating business profitability and focusing on efficiency.

GTV might not be appealing any longer. Investors demand improved bottomline, at least positive EBITDA. GOTO said its EBITDA improved by 52% to negative Rp3.1 trillion in the fourth quarter. Still in red.

GOTO shares fell 6.9% to Rp108 on Monday (March 20), to make market capitalization of Rp111.1 trillion, as the Company reported a widened loss in 2022, also on news the Company takes further layoffs for 600 employees.

The stock actually gained 34.4% so far this year, after deep correction in 2022, peaked at Rp404 June 15, 2022.

GoTo Group Corporate Secretary Koesoemohadiani explained that the layoffs is a strategy to build a company as sustainable, profitable, and to have a long-term positive impact on millions of people.

GOTO then made some adjustments, including the consolidation of businesses and teams within the ecosystem, to deliver a leaner organization that is better equipped to respond to market demands.

Long way to sea the profit though. GOTO needs to make more rational portfolio investment decisions going forward.***

Editor: Adrianus Nulangi Madaala



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