Indonesia-listed tech giant PT GoTo Gojek Tokopedia Tbk (GoTo) has announced that CEO Patrick Sugito Walujo has committed to stay on as CEO until 2029, according to an announcement on Monday.
Walujo was appointed GoTo’s CEO in June 2023 after Andre Soelistyo stepped down.
The announcement comes as GoTo’s performance has improved under Patrick’s leadership over the past year. In the third quarter of 2024, GoTo’s core GTV grew by 74% YOY to 72 trillion rupiah, while gross revenue also increased by 34% YOY to 4.7 trillion rupiah. The company also booked a 21% increase in Monthly Transacting Users (MTUs) across the GoTo ecosystem.
“Leading GoTo over the past 18 months has been an incredible honour, and I am proud to commit my long-term future to the company. My time here has given me great belief in the immense potential of our team, our vision, and our commitment to driving Indonesia’s digital transformation,” Walujo said in a statement.
“As a company, we are uniquely positioned to shape the future of technology in Indonesia, empowering businesses, enhancing everyday lives, and contributing meaningfully to the nation’s economy. As we look ahead to the new year and drive towards profitable growth, I am confident that we can cement our position as our country’s leading tech company for many years to come,” he added.
Agus D W Martowardojo, president commissioner of GoTo, explained that during Walujo’s leadership, the company’s prospects have transformed, setting the stage for long-term benefits for shareholders and other stakeholders.
In nine months of 2024, GoTo reported a 53% drop in net losses. Moreover, its losses in Q3 2024 narrowed by 29% to 1.7 trillion rupiah compared with 2.4 trillion rupiah in Q3 2023.
GoTo’s losses for the Jan-Sept 2024 period stood at 4.5 trillion rupiah, compared with 9.6 trillion rupiah in the year-ago period, as total costs and expenses dropped significantly by 28% to 13.7 trillion rupiah from 19.3 trillion rupiah during the period. Net revenue, meanwhile, increased nearly 11% to 11.7 trillion rupiah in the nine months.
The group adjusted EBITDA turned positive in Q3 2024 at 137 million rupiah, against a loss of 942 million rupiah in Q3 2023, bringing the company closer to its 2024 full-year adjusted EBITDA breakeven target.
Martowardojo appreciated the performance of GoTo under Walujo’s stewardship and expected the growth and profitability to continue to trend upwards.
