Q3 2024 GoTo Gojek Tokopedia PT Tbk Earnings Call Transcript
Key Points
- PT Goto Gojek Tokopedia Tbk (FRA:CK8) reported a 21% year-on-year increase in monthly transacting users, showcasing strong user acquisition.
- The company achieved a 74% year-on-year growth in group core GTV and a 34% increase in gross revenues, indicating robust top-line growth.
- Recurring cash fixed costs declined by 3% year-on-year, demonstrating effective cost management and operating leverage.
- The fintech segment showed significant progress with consumer loans outstanding tripling year-on-year, reaching 4.3 trillion rupiah.
- The company signed five-year cloud contracts with Alibaba and Tencent, expected to reduce cloud costs by more than 50% once fully implemented.
- The closure of Vietnamese operations on September 16th may impact future growth in the ondemand services segment.
- Despite strong growth, the competitive dynamics in the food delivery and mobility sectors remain intense, posing challenges.
- There are macroeconomic headwinds that could temper year-on-year performance, particularly in the ondemand services segment.
- The company is still in the process of budgeting for 2025, leaving some uncertainty about future growth and profitability targets.
- The fintech segment's rapid growth in consumer loans raises concerns about maintaining credit quality and managing credit risk effectively.
Hello everyone. This is Reggie Susanto, Head of Investor Relations. Welcome to the PT. Go to Gojek Tokopedia TB K third quarter, 2024 earnings conference call.
Please be advised that today's conference is being recorded on today's call, Patrick WLO, President director and Group CEO and Simon Ho 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, Frans Paulo, our Chief Operating Officer and K Catherine Hendra Suao, our President of ondemand Services.
We would like to highlight that the information presented today has been prepared solely based on unaudited consolidated, selected financial information for the three and nine months period ended September 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 certain non Indonesian financial
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