GoTo CEO reveals why the company is still losing

TIME.CO, Jakarta – In the financial reports of PT Go to o Gojek Tokopedia Tbk, the company still recorded a net loss until September 2022 of IDR 20.3 trillion. That figure rose from Rp 11.5 trillion in the same period a year earlier.

GoTo CEO Andre Sulistyo has finally opened his voice. He said GoTo has remained consistently focused on two top priorities to accelerate its steps toward profitability. “Focus on high-quality growth and consistent optimization of operating expenses,” he said via GoTo’s official statement on Wednesday, December 14, 2022.

Baca: JCI falls into red zone after rally, GoTo stock falls more

According to him, a large part of the net loss was due to compensation based buffer stock (not in cash). The stock-based compensation component is an important factor, he said, because human resources are a major asset for tech companies.

He said GoTo applied Indonesian Financial Accounting Standards (SAK Indonesia), where share-based remuneration was recorded the most in the first year and would decrease in subsequent years.

The total cash salary expenditure of GoTo’s management over the past nine months is IDR 22.9 billion. Meanwhile, GoTo’s total management net income has reached IDR 8 trillion.

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