JABAR EKSPRES — PT GoTo Gojek Tokopedia Tbk posted net revenue of Rp3.33 trillion in the first quarter of 2023 or an increase of 123 percent compared to the achievement in the first quarter of 2022 of Rp1.49 trillion.
“The efficiency measures we have implemented so far have significantly reduced the operational expenditure base,” said GoTo Group Finance Director, Jacky Lo, on Thursday (27/4).
GoTo also recorded a gross transaction value (GTV) of Rp148.5 trillion, growing 6 percent year on year (y-o-y) in the first quarter of 2023.
From the total GTV, the company managed to pocket a gross revenue of IDR 5.98 trillion, growing 14.3 percent compared to the same period the previous year (yoy).
Jacky said efficiency was the key to increasing the company’s net income because management only spent Rp2.63 trillion on promotional expenses and customer incentives in the first quarter of 2023, lower than the first quarter of 2022 of Rp3.73 trillion for the same expenditure item.
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This represents a saving of more than Rp1.08 trillion, an improvement of 29 percent on an annualized basis.
“Maintaining cost discipline is important for our long-term strategy as a low cost base will give us additional flexibility to allocate capital to accelerate future growth,” he said.
In addition to cutting incentive costs for customers, GoTo also made a series of efficiencies in operational costs, including reducing general and administrative expenses by 11 percent to Rp2.29 trillion.
Sales and marketing expenses also shrank by 50 percent from Rp3.3 trillion to Rp1.63 trillion, resulting in savings of more than Rp1.6 trillion.
The ability to be efficient through improving the cost structure and controlling expense items made GoTo’s operating expenses shrink 20.6 percent to Rp7.37 trillion. All of these achievements resulted in a net loss for the year of Rp3.89 trillion.
Although still posting losses, Jacky said GoTo is slowly starting to turn things around. As a comparison, GoTo’s net loss in the first quarter of 2022 reached Rp6.6 trillion.
