Q2 2024 GoTo Gojek Tokopedia PT Tbk Earnings Call Transcript
Key Points
- PT Goto Gojek Tokopedia Tbk (FRA:CK8) reported a 54% year-on-year increase in group core GTV, driven by a 20% increase in monthly transacting users.
- The company achieved significant growth in on-demand services, with GTV and completed orders in Indonesia growing by 18% and 24% year-on-year, respectively.
- The GoPay app has seen substantial growth, with app downloads surpassing 30 million and a declining cost per install.
- The company's financial technology business experienced a 65% year-on-year increase in core GTV, supported by growth in payments and lending services.
- PT Goto Gojek Tokopedia Tbk (FRA:CK8) has successfully reduced its adjusted EBITDA losses by 95% year-on-year and 53% quarter-on-quarter, demonstrating improved financial performance.
- The company is still facing intense competition across all segments, which could impact future growth and profitability.
- Despite improvements, the adjusted EBITDA remains negative, and the company needs to achieve positive adjusted EBITDA to meet its full-year breakeven target.
- There is a noted decline in profitability margins, particularly in the on-demand services segment, which could affect future financial performance.
- The share price has been stagnant, not reflecting the company's strong business performance, which may affect investor confidence.
- The company faces challenges in maintaining credit quality in its lending business amidst a deteriorating macroeconomic environment.
Hello, everyone. This is Reggy Susanto, Head of Investor Relations. Welcome to the PT GoTo Gojek Tokopedia Tbk second quarter 2024 earnings conference call. Please be advised that today's conference is being recorded.
On today's call, Patrick Walujo, President Director and Group CEO, and Jacky Lo, Group CFO, will deliver prepared remarks. Following their commentary, we will open up the call for questions and be joined by Thomas Husted, our Vice President Director and President of Financial Technology; Hans Patuwo, our Chief Operating Officer; Catherine Hindra Sutjahyo, our President of On-Demand Services; and Simon Ho, our incoming group CFO.
We would like to highlight that the information presented today has been prepared solely based on unaudited, consolidated, selected financial information for the three months and six months ended June 30th, 2024 and 2023.
As a reminder, today's discussion may contain forward-looking statements about the company's future business and financial performance, as well as
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