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GoTo nears net income as cost cuts, fintech bet gather steam
GoTo nears net income as cost cuts, fintech bet gather steam

Business Times

time2 days ago

  • Business
  • Business Times

GoTo nears net income as cost cuts, fintech bet gather steam

[SINGAPORE] Indonesia's Internet champion GoTo Group is getting closer to sustainable profitability, with its finance chief predicting net income in the not-too-distant future as cost cuts and new business initiatives are bearing fruit. 'We're making very, very positive progress towards net income positive,' chief financial officer Simon Ho said in an interview on Bloomberg TV. 'Clearly we don't think it's too far away.' The ride-hailing and delivery provider has been steadily reducing its losses since its 2022 initial public offering, trying to prove to investors it can make money. The company has slashed jobs and shuttered business units, focusing on its core home market amid tough competition from regional market leader Grab Holdings of Singapore. On Wednesday (Aug 13), GoTo reported its fourth consecutive quarter of adjusted profit, helped by user gains and cost reductions. Net revenue, which excludes incentives to driver and merchant partners and promotions to users, climbed 23 per cent on a pro forma basis in the quarter through June. Investors remain cautious, with GoTo's shares closing at 62 rupiah per share on Thursday and down more than 80 per cent since the IPO. Still, the shares have advanced more than 20 per cent over the past 12 months as earnings have showed signs of improvement. In a move that would upend the regional market, Grab has been weighing a takeover of GoTo at a valuation of more than US$7 billion, Bloomberg News reported. Still, Grab has played down a potential deal, saying in June it's not in talks to buy GoTo 'at this time.' Ho said on Thursday GoTo is concentrating on growing its business. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'Our focus ourselves is on organic growth,' he said. 'We're not just a ride-share on-demand services platform, we have actually a fast growing and very successful fintech business integrated as well into our ecosystem.' Consumer payments is set to be a key growth driver for GoTo going forward, Ho said. Its digital payments arm, GoPay, has expanded 30 per cent year on year to over 20 million monthly transacting users, he said. 'We expect that to continue to grow strongly,' he said. 'We will then be able to cross-sell more services in our ecosystem to these users, and one of them is of course lending.' The company's loan book grew 90 per cent year over year in the latest period and is set to reach US$500 million by the end of the year, Ho said. 'It continues to grow at a very healthy rate,' he said. 'On-demand services, which drove 70-to-80 per cent of 1H overall Ebitda, could remain the primary profit driver as premium features that offer shorter wait times are popular among users. Fintech's contribution to earnings should stem from ramping up short-term loans embedded in TikTok,' said Nathan Naidu, analyst for Bloomberg Intelligence. 'The video app had 123 million monthly active Indonesian users on average in 2Q, according to SensorTower, vs. GoTo's 22.4 million fintech customers. Guidance suggests that all of GoTo's three businesses will reach breakeven by year-end, nudging the firm closer to a group net profit.' In a bid to accelerate cost savings, GoTo handed over its loss-making e-commerce unit Tokopedia to ByteDance's TikTok in a US$1.5 billion deal. The company also exited Vietnam to concentrate on achieving profitability in its core markets of Indonesia and Singapore, while pushing into growth areas like consumer lending. The company reaffirmed it expects to post adjusted Ebitda of as much as 1.6 trillion rupiah for the full year. BLOOMBERG

Singapore leaders congratulate Pope Leo XIV on his election to the papacy
Singapore leaders congratulate Pope Leo XIV on his election to the papacy

CNA

time09-05-2025

  • Politics
  • CNA

Singapore leaders congratulate Pope Leo XIV on his election to the papacy

Singapore's leaders have written to Pope Leo XIV, congratulating him on his election to the papacy. They have also expressed the desire to continue the deepening of ties. Reverend Father Simon Ho, Assistant Parish Priest at St Anne's Church and Member of the Archdiocesan Liturgy Commission, and Dr Alan Chong from the S. Rajaratnam School of International Studies discusses the appointment of a new pope. They talk about ties between Singapore and the Vatican and what the relationship could look like moving forward.

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