Jakarta. Tech conglomerate GoTo Gojek Tokopedia (GOTO) has announced its Q2 2024 financial results, indicating progress towards achieving adjusted EBITDA breakeven by the end of 2024.

The company reported a Gross Transaction Value (GTV) of Rp 63.2 trillion ($3.88 billion) for its core business, excluding merchant payment gateway transactions, up 54 percent year-over-year. Overall GTV for the group reached Rp 121.5 trillion, a 26 percent increase from the previous year.

Gross revenue for GOTO grew by 39 percent year-over-year to Rp 4.3 trillion. Adjusted EBITDA loss improved by 95 percent year-over-year and 53 percent quarter-over-quarter to Rp 48 billion. This performance was driven by increased user growth in On-Demand Services, higher GoPay usage, expanded loan offerings, and improved cost management.

Patrick Walujo, CEO of GOTO, emphasized the company's focus on mass market consumers and its commitment to delivering affordable solutions. The goal is to achieve adjusted EBITDA breakeven for the full year 2024.

Finance Director Jacky Lo noted the acceleration in growth, with a 54 percent year-over-year increase in core GTV and a 39 percent rise in gross revenue. The number of Gojek Plus customers has doubled, and the adoption of GoPay and loan products has expanded.

Despite an ongoing EBITDA loss of Rp 150 billion for the first half of 2024, this represents a significant improvement from the previous year. Stockbit Sekuritas highlighted that GOTO's adjusted EBITDA loss in the first half of 2024  is substantially better than the prior year, with expectations for improved performance in the second half.

“Although the adjusted EBITDA remains at a negative Rp 150 billion for 1H24, we considers ths result to be relatively in line with expectations, taking into account seasonal weakness in 1H24," Stockbit's analyst Edi Chandren said on Wednesday.

GOTO also reported a 63 percent decrease in net loss for Q2 2024, totaling Rp 954 billion, supported by increased revenue and efficient cost management. The company completed a buyback of 3.8 billion shares by the end of June 2024, reflecting a purchase price of approximately Rp 50.5 per share.

GOTO's shares were traded at Rp 52, reflecting a 5.45 percent decline by the end of the first trading session on Wednesday.