Indonesia’s largest tech conglomerate, PT GoTo Gojek Tokopedia (GoTo), has reported its first-ever full-year underlying profit and forecasted significant growth for 2025. The company, which operates in ride-hailing, food delivery, logistics, and financial services, expects a sharp increase in its core earnings (adjusted EBITDA) next year.
Financial Milestones
- 2024 underlying profit: 327 billion rupiah (~$20 million), reversing a 3.67 trillion rupiah loss from the previous year.
- 2025 adjusted EBITDA forecast: 1.4 trillion to 1.6 trillion rupiah (~$85-97 million), signaling a sharp profitability surge.
- Financial technology segment: Earnings soared 70% in 2024, driven by GoPay’s expanding user base and growing loan book.
CEO’s Outlook
GoTo Group CEO Patrick Walujo attributed the strong performance to rising user numbers and growing demand across its digital services. “We saw a significant increase in our user numbers throughout the year and expect this to continue into 2025,” he stated.
Merger Speculation
Amid industry consolidation rumors, GoTo was linked to a potential merger with Southeast Asian rival Grab. While the company denied any active talks, Walujo signaled openness to deals that enhance shareholder returns in the long term.
Backed by SoftBank Group and Singapore’s GIC, GoTo continues to solidify its position as a dominant player in Southeast Asia’s digital economy, with a strong focus on profitability and expansion in 2025.
