Heaptalk, Jakarta — Singapore’s Grab announced unaudited financial results. Its revenue grew to 17%, reaching US$716 million in the third quarter (Q3) of 2024. Meanwhile, operating loss in the third quarter was US$38 million, an improvement of US$55 million YoY, primarily attributable to revenue increases.
Furthermore, its on-demand GMV grew 15% YoY, or 18% YoY on a constant currency basis, underpinned by 19% YoY growth in on-demand MTUs and a 22% increase in on-demand transactions.
“Third quarter 2024 was a substantial period for us as investments we made across the business drove an acceleration of our On-Demand growth. We serve more users than ever, with 42 million Monthly Transacting Users on our platform. We remain bullish on the long-term growth outlook of Southeast Asia and are firing on all cylinders to capture the strong user demand trends, improve income opportunities for our ecosystem partners, and drive tech-led innovations to enhance the efficiency of our marketplace,” Group Chief Executive Officer and Co-Founder of Grab, Anthony Tan, conveyed.
Group Adjusted EBITDA reached US$90 million for the quarter, up around US$62 million YoY compared to US$28 million in the prior year. This increase was attributed to on-demand GMV and revenue growth, which enhanced profitability on a Segment-Adjusted EBITDA basis and lowered regional corporate costs.
On the other hand, the company posted its profit for the quarter at US$15 million, an improvement of US$114 million YoY, primarily due to an improvement in Group Adjusted EBITDA, an increase in net finance income, and lower share-based compensation expenses.
“We delivered our eleventh consecutive quarter of Adjusted EBITDA improvement, our second positive Profit for the quarter, and the highest quarterly Adjusted Free Cash Flow for the business. With the strong momentum we are seeing across the business heading into the end of the year, we expect to deliver sequential On-Demand GMV growth in the fourth quarter and are raising our full-year 2024 Group Revenue and Group Adjusted EBITDA outlook,” Chief Financial Officer of Grab, Peter Oey, said.
Cash liquidity totaled $6.1 billion at the end of the third quarter, compared to $5.6 billion at the end of the prior quarter. A substantial portion of the cash inflow was attributed to the growth in deposits from customers in the banking business, which increased to over $1 billion from $730 million in the prior quarter. Its net cash liquidity was $5.8 billion at the end of the third quarter, compared to $5.3 billion at the end of the preceding quarter.
