JAKARTA – The performance of PT Goto Gojek Tokopedia Tbk (GOTO) had been improving in the first quarter of 2023 compared to the same period last year. The loss shrank as its adjusted EBITDA grew 67% year-on-year (yoy) following cost efficiency.

Andre Soelistyo, President Director of GOTO, claimed that the company had started to gain profitability in Q1 2023 with the increase in EBITDA that was adjusted to minus IDR 1.59 trillion from the initial minus IDR 4.85 trillion. “The achievement was made possible due to solid performances, especially from on-demand services and e-commerce business unit,” he said in the press release today (28/4).

According to Soelistyo, GOTO is currently on track for its adjusted EBITDA target, aiming to turn it into positive at the end of the fourth quarter of 2023. Therefore, the company will be more discipline in managing expenses and focus more on profitable loyal users.

Efficiency strategies in Q4 2022 managed to cut down its recurring cash operating expenses by up to IDR 460 billion compared to the previous period. Personnel expenses efficiency managed to save IDR 210 billion in November 2022, while incentive and product marketing expenses declined 39% from the previous quarter. Thus, the total efficiency clocked up to IDR 2.6 trillion.

GOTO booked net revenue of IDR 3.33 trillion, shifting from IDR 1.49 trillion, while the contribution margin increased from minus IDR 2.53 trillion to IDR 636 billion, bringing the net loss shifting from IDR 6.61 trillion to IDR 3.89 trillion. (LK/ZH)