Heaptalk, Jakarta — Grab noted its revenue of 17% year-over-year (YoY) to US$664 million in the second quarter (Q2) of 2024, or 23% on a constant currency basis, driven by revenue growth across all segments. The group’s Adjusted EBITDA was US$64 million this quarter, improving US$81 million YoY.
On-demand GMV grew 13% YoY, or 18% YoY on a constant currency basis, underpinned by average user frequency and total transactions, with on-demand MTUs growing by 19% YoY. Furthermore, total incentives as a proportion of on-demand GMV declined to 10.1% in the second quarter, compared to 10.5% in a similar period in 2023, reflecting our focus on reducing Grab’s service cost while improving our marketplace’s health.
“During the quarter, we achieved a new milestone, serving more users than ever at a record high of 41 million MTUs while delivering continued profitable growth at scale. Looking ahead, we are seeing continued strength in the Southeast Asian economy and will continue to leverage our key product initiatives to serve more users in the region while also driving cost discipline across our business,” Group Chief Executive Officer of Grab, Peter Oey, said.
Operating loss in the second quarter was US$56 million, an improvement of US$121 million YoY, primarily attributable to revenue advancement and lower restructuring expenses. Loss for the quarter was $68 million, an improvement of $79 million YoY, primarily due to an improvement in Group Adjusted EBITDA, partially offset by increased income tax expenses.
Cash liquidity reached about US$5.6 billion at the end of the second quarter, compared to US$5.3 billion at the end of the prior quarter. A substantial part of the cash inflow was attributed to the growth in deposits from customers in the banking business, which increased to US$730 million from US$479 million in the former.
“We also achieved our tenth consecutive quarter of Adjusted EBITDA growth and our second quarter of positive Adjusted Free Cash Flow. We focused on driving cost efficiencies across our organization, with staff costs within regional corporate cost declining, expecting to achieve positive Adjusted Free Cash Flow for 2024.” Chief Financial Officer of Grab, Peter Oey, affirmed.
