Jakarta, CNBC Indonesia – PT GoTo Gojek Tokopedia Tbk (GOTO) has just released its financial report for the first quarter of 2022. GOTO’s net loss was recorded to have swelled by more than 3.5x in the first quarter of 2022 compared to the same period the previous year.
Referring to the company’s unaudited financial statements, GOTO’s net loss attributable to owners of the parent entity reached Rp 6.47 trillion as of March 2022.
GOTO’s losses increased from the same period last year of Rp 1.81 trillion.
Actually, in terms of revenue, GOTO managed to record a growth of 65.5% globally year on year (yoy) to almost Rp 1.5 trillion until March 2022, up from the same period last year which was only Rp 905 billion.
However, the total expenses excluding GOTO’s financial burden swelled by 206% yoy from Rp. 3.04 trillion to Rp. 9.29 trillion in the first quarter of 2022.
GOTO’s cost of goods sold and marketing increased by 665% yoy or 8x until the end of March 2022. Just so you know the weight of postage costs reached 36% of GOTO’s total expenses in March 2022.
GOTO’s cost of goods sold and marketing also increased from the March 2021 period which was only 14%.
Other expenses that also rose sharply were general and administrative expenses which accounted for 28% of the total expenses. This post recorded an increase of 270% yoy until the first quarter of 2022.
Due to the fantastic increase in expenses, the loss before tax recorded by GOTO swelled to Rp 6.63 trillion in the first quarter of this year.
|
Profit and Loss Post |
March 2022 |
March 2021 |
Change |
2022 Load Weight |
2021 Load Weight |
|
Income |
1,497,371 |
904,832 |
65% |
||
|
Principal Income Burden |
1,215,779 |
693,145 |
75% |
13% |
23% |
|
Sales & Marketing Principal Burden |
3,302,220 |
431,492 |
665% |
36% |
14% |
|
General & Administrative Expenses |
2,580,763 |
697,339 |
270% |
28% |
23% |
|
Product Development Expenses |
995,943 |
536,523 |
86% |
11% |
18% |
|
Depreciation and Amortization Expense |
761,465 |
333,431 |
128% |
8% |
11% |
|
Operating and Supporting Expenses |
434,796 |
348,210 |
25% |
5% |
11% |
|
Total Load |
9,290,966 |
3,040,140 |
206% |
100% |
100% |
|
Loss Before Income Tax |
– 6,626,214 |
– 1,980,875 |
235% |
Even though the loss before GOTO’s income tax in March last year was only Rp. 1.98 trillion. So actually why a significant increase in costs could occur?
The increase both in terms of revenue and expenses for GOTO has something to do with corporate actions carried out by the company.
For information, GOTO’s financial report in March 2021 is a financial report presented before the merger with Tokopedia.
Before becoming GOTO, Gojek and Tokopedia were separate business entities. Gojek focuses on working on the segment on-demand and fintech while Tokopedia is engaged in the market place industry.
The two startups with jumbo valuations only merged in May 2021, so it is certain that GOTO’s financial report in March 2021 has not consolidated Tokopedia’s financial statements.
After the merger action and Tokopedia’s financial statements were consolidated, it was natural that both from the top line and bottom line the company was swollen.
CNBC INDONESIA RESEARCH TEAM
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