GOTO Records a Net Loss of IDR 90 Trillion in 2023

March 19, 2024, 05.27 PM | Reporter: Yuliana Hema

ILUSTRASI. The net loss of GoTo Gojek Tokopedia (GOTO) was recorded to have swelled by 124% year-on-year.

ISSUER NEWS - JAKARTA. The net loss of PT GoTo Gojek Tokopedia Tbk (GOTO) was recorded to have jumped by 124% annually or Year on Year (YoY) to IDR 90.39 trillion in 2023. This was due to the recording of goodwill as a result of the release of PT Tokopedia.

GOTO's management said that they had to record a goodwill of IDR 78.8 trillion due to the release of Tokopedia's ownership to TikTok. This figure is non-recurring, non-cash, and non-operational.

If ignoring the recording of goodwill, GOTO should have posted a net loss of IDR 11.8 trillion in 2023 or decrease of 60% annually from IDR 29.3 trillion in 2022.

In fact, GOTO's operational performance has improved. Citing the financial report released on Tuesday (19/2), the net income of this technology issuer reached IDR 14.78 trillion or increased by 30.28% YoY from IDR 11.34 trillion.

In detail, revenue from service fees soared 37.42% YoY to IDR 8.66 trillion. Advertising fee income contributed IDR 2.19 trillion and other income amounted to IDR 1.79 trillion.

The total expenses of GOTO were observed to have significantly decreased by 39.86% annually to IDR 25.06 trillion in 2023. Meanwhile, throughout 2022 the total expenses of this GoJek parent company reached IDR 41.67 trillion.

As a result, GOTO's operating loss shrank by 66.11% to IDR 10.27 trillion throughout 2023. In the previous year, the operating loss of the company led by Patrick Walujo reached IDR 30.32 trillion.