Profitability and Operational Efficiency Analysis of PT GoTo Gojek Tokopedia Tbk After the Gojek–Tokopedia Merger

Abstract

This study aims to analyze the profitability and operational efficiency of PT GoTo Gojek Tokopedia Tbk following the merger between Gojek and Tokopedia in 2021. The merger marked a significant milestone in the history of Indonesia’s technology industry, as it united two major digital entities with complementary services. The research method used is descriptive quantitative, utilizing secondary data from GoTo’s annual financial reports for the 2020–2024 period. The financial ratios analyzed include Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and the operational efficiency ratio (BOPO). Based on the analysis, the company exhibited fluctuating financial performance throughout the study period. From 2020 to 2023, the company experienced substantial losses due to high operational expenses and investment impairments. However, in 2024, there was a significant improvement in operational efficiency and a reduction in net losses. The decline in the BOPO ratio and the increase in profitability ratios serve as early indicators of the success of post-merger strategies. The findings of this study are expected to serve as a reference for digital industry players in managing financial efficiency and business integration strategies after a merger.