Record Net Loss Of IDR 6.6 Trillion In Three Months This Year, GoTo Will Expand Financial Services Business

Goto Gojek Tokopedia Management. (Photo: Doc. Antara)

JAKARTA - PT GoTo Gojek Tokopedia Tbk is still struggling to achieve profitability. Moreover, in the first three months of this year, the company with the stock code GOTO still experienced a net loss of IDR 6.6 trillion.

"We think accelerating the path to profitability will be the focus of our team and the momentum can already be seen in the first quarter, and we think it will continue to grow in the following quarters," said GoTo Group CEO Andre Soelistyo at a press conference quoted by Antara, Monday, May 30.

According to Andre, the company's business developed quite strongly in the first quarter of this year. The company's gross transaction value or GTV reached IDR 140 trillion and gross revenue of IDR 5 trillion.

"For the second quarter of 2022, our guidance for GTV will be between IDR 142 trillion to IDR 150 trillion. That's roughly the range. Meanwhile, gross revenue or gross income will be between IDR 5.3 trillion to IDR 5.6 trillion," said Andre.

Andre said that the momentum from monetization on the company's platform had developed positively in the first quarter and is projected to continue in the following quarters. "The momentum of investment returns from synergies to strengthen cost efficiency and the efforts made by our team for operational cost efficiency will continue," said Andre.

One of the business areas that the company focuses on is financial technology services or fintech. Andre said GoTo will optimize opportunities from the low penetration of digital payments for financial services in the country.

"We see that with the opportunity in Indonesia with the low level of digital payment penetration, especially for financial service products such as lending, insurance, and others, the opportunity is also very large for the GoTo Group to use our ecosystem to convert these transactions into financial services, said Andre.

He added, the engagement or engagement of every consumer who uses the company's financial services is also growing well.

"Their engagement with the platform is also growing very well, both in the matrix of the number of transactions compared to cash users or from retention. And we think, not only fintech services, if it becomes a larger scale it can provide increased monetization from GoTo services," said Andre.