PT GoTo Gojek Tokopedia Tbk (GoTo Group)Indonesia’s largest digital ecosystem, reported on Monday that its gross revenue for the first quarter of 2022 (1Q22) increased 53% year-on-year to Rp5.2 trillion ($357.38 million ), which represents an improvement in take rate from 3.5% to 3.7% thanks to better monetization in the e-commerce and on-demand segments.
GoTo Group said in a statement that the group’s gross transaction value (GTV) for 1Q22 also increased 46% year-on-year to 140 trillion rupees ($9.62 billion).
Meanwhile, users transacting annually in the group’s last 12 months (LTM) grew 29% year-on-year to 65 million, with average spend per user increasing 18% year-on-year over the same period. . Its total orders also rose 41% year-on-year to more than 656 million.
In 1Q22, the group’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) decreased by 14 percentage points to Rp5.4 trillion ($371.19 million), from Rp6.2 trillion. ($426.17 million) in 4Q21. This compares to a loss of Rp1.9 trillion ($130.6 million) in 1Q21, a figure which reflects the planned conservation of capital before the Gojek-Tokopedia transaction to enable cross-platform investing, and the significant impact COVID restrictions.
“We can look back on 2021 with pride in our resilience and excellence in execution, demonstrated by strong growth in each of our businesses and overall margin improvements. The formation of GoTo, through the combination of Gojek and Tokopedia, puts us in an even better position to serve customers.As we deepen the integration of businesses, we have been able to improve operational efficiency, create multiple cross-platform opportunities and to invest for GoTo’s future growth and profitability,” said Andre Soelistyo, CEO of GoTo Group.
“Our operating companies performed strongly and gained more benefits from the synergies of our ecosystem. We’ve focused on initiatives that encourage usage between each of our market-leading platforms. For example, we made GoPay the leading e-money provider on Tokopedia, introduced loyalty program status matching on Gojek and Tokopedia, and consolidated our rewards currency, Gopay Coins, across the ecosystem. As a result, we saw a 37% year-over-year growth among pro forma annual transaction users who transacted on both Gojek and Tokopedia in 2021. These users tend to spend more and are more loyal than single-platform users.
“Throughout 2022, we will build on these initiatives and continue to leverage the competitive advantages that arise from our unique ecosystem while continuing to capitalize on the exciting growth opportunity presented by Indonesia and the South East region. Southeast Asia As markets open up further, it will be particularly important to continuously improve and integrate our core products to ensure that we meet the service needs of our growing customer base. demand, e-commerce and fintech,” he added.
Meanwhile, GoTo Group CFO Jacky Lo said he was pleased with the strong growth momentum we have achieved in 2021 despite the headwinds caused by the Covid surge.
“We ended 2021 with strong year-over-year growth of 40% and 44% for pro forma GTV and gross revenue, respectively. First quarter 2022 results were even stronger, with growth quarterly year-on-year growth of 46% and 53% for pro forma GTV and gross revenue, providing a promising indication of our future prospects,” he said.
He said the group expects to reap significant additional benefits as we integrate Gojek, Tokopedia and GoTo Financial and invest accordingly in cross-platform integration since May 2021.
“In the first quarter of 2022, we also focused on optimizing our incentive spend and our operating expenses, and have already delivered significant results that will serve as a solid foundation as we work to improve our our margins. Contribution margin and Adjusted EBITDA margin improved by 24 and 14 percentage points, respectively, between the fourth quarter of 2021 and the first quarter of 2022,” he said.
Going forward, he said the group will continue to take a strong and thorough approach to cost management, supporting its growth and investment objectives and enabling it to set a clear path to profitability and generate more value for its various stakeholders.
Indonesian tech giant GoTo shares 13% rise on market debut