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PT Goto Gojek Tokopedia Tbk (GTOFF) Q4 2024 Earnings Call Highlights: Record Growth and ...

GuruFocus News

Thu, Mar 13, 2025, 2:03 a.m. 5 min read

Group Core GTV: IDR79 trillion (USD4.9 billion), 66% year-on-year growth in Q4, 58% growth over the full year.
Gross Revenue: IDR5 trillion (USD307 million), 28% year-on-year increase in Q4, 30% increase over the full year.
Adjusted EBITDA: IDR386 billion (USD24 million) for the full year; IDR399 billion (USD25 million) in Q4, 348% year-on-year increase.
Fintech Monthly Transacting Users: 35% year-on-year increase to IDR20.2 million in Q4.
Average Monthly Transactions per User: 18% year-on-year increase in Q4.
Loan Book Growth: 172% year-on-year increase in Q4.
On-Demand Services Adjusted EBITDA: IDR267 billion (USD17 million) in Q4.
ODS Contribution Margin: IDR3.4 trillion (USD209 million), 28% year-on-year increase.
Advertising Revenue Growth: 92% year-on-year increase in 2024.
Merchant Promotion Spend: 190% year-on-year increase in 2024.
Cash Balance: IDR21 trillion (USD1.3 billion) as of December 31, 2024.
Share Repurchase: 23.6 billion shares repurchased, IDR1.5 trillion (USD91 million).
E-commerce Service Fee Revenue: IDR204 billion (USD13 million) in Q4; IDR622 billion (USD38 million) for the year.

Release Date: March 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

PT Goto Gojek Tokopedia Tbk (GTOFF) achieved all-time highs in GTV, revenue, adjusted EBITDA, and margins in 2024, with consistent quarter-on-quarter improvements.
The fintech segment became adjusted EBITDA positive in Q4 2024, a full year ahead of previous guidance, driven by innovations like the standalone GoPay app and expanded consumer loan offerings.
The company reported a 66% year-on-year growth in group core GTV in Q4 2024, reaching IDR79 trillion (USD4.9 billion), and a 28% year-on-year increase in gross revenue.
PT Goto Gojek Tokopedia Tbk (GTOFF) successfully optimized incentive spending, leading to a 28% year-on-year increase in ODS contribution margin.
The company maintains a strong cash balance with IDR21 trillion (USD1.3 billion) in cash, cash equivalents, and short-term time deposits as of December 31, 2024.

The company's financial information presented in the earnings call was based on unaudited figures, which may lead to discrepancies upon final auditing.
There are concerns about the global macroeconomic environment potentially impacting consumer spending and the company's growth trajectory.
PT Goto Gojek Tokopedia Tbk (GTOFF) faces intense competition in the on-demand services sector, which could pressure market share and profitability.
The company has not provided long-term targets for EBITDA margins, creating uncertainty about future profitability improvements.
There are concerns about asset quality in the fintech segment, although the company reports stable delinquency rates.