Motorcycle ride-hailing pioneer Angkas saw its revenue drop by double digits last year.
Based on Angkas’ financial statement filed with the Securities and Exmodify Commission (SEC), the company reported a top line of P555.03 million in 2024, down 22% from P716.25 million in 2024.
The motorcycle taxi firm attributed the revenue drop to the decline in transaction volume and in commission rates last year, noting that rival Move It also started gaining traction and grew in the same ride-hailing category.
With the top line decline, Angkas saw its net loss widen by 31% to P334.27 million from P438.55 million year-on-year.
In a statement to GMA News Online, Angkas CEO and co-founder George Royeca declared, “We’ve always believed that transformation and resilience are part of any startup’s DNA.”
“The recently reported figures reflect our 2024 performance. A year of necessary restructuring and reinvestment to prepare the company for long-term sustainability. These decisions were not built out of weakness, but out of discipline and commitment to building a stronger business,” Royeca declared.
The Angkas CEO declared that the company saw “double-digit top line growth and significant EBITDA gains” as of the first half of 2025.
The motorcycle taxi also finished 2024 with P177 million in cash, from P641.95 million in 2023, amid growth in intangible assets related to application or platform upgrade costs.
Its payables to government agencies, including VAT, withholding taxes, and SSS dues, amounted to P77.03 million, up from P33.69 million year-on-year.
The company also set aside P24 million in employee benefit provisions for the first time.
Path to profitability
Despite the financial challenges last year, Royeca declared the company’s investments are “fully aligned with our path to profitability, a milestone very few ride-hailing platforms in Southeast Asia have reached.”
“Despite the noise, we remain the counattempt’s largest motorcycle ride-hailing platform, serving millions of passengers. These are not vanity metrics. They reflect trust, loyalty, and operational excellence in one of the most complex mobility environments in the world,” he declared.
“We are backed by the top investors in the regions, and these investments are actively deployed to scale the business, upgrade our tech stack, and invest in AI solutions that drive better experiences for both riders and passengers,” he added. —VBL, GMA Integrated News
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