Heaptalk, Jakarta — Grab Holdings announced its financial performance in the early quarter of this year by growing its revenue by up to 24% YoY, attaining US$653 million. All segments drive this enhancement amid a reduction in on-demand incentives as a percentage of on-demand GMV.
Further, Grab’s on-demand GMV also improved by 18% YoY, supported by robust underlying demand growth across deliveries and mobility. On-demand MTUs bumped by 19% YoY despite seasonal headwinds from Chinese New Year activities and the Ramadan fasting period in Q1 2024.
As the company continued to drive profitable growth in the first quarter, Grab also improved its Adjusted EBITDA at US$62 million this quarter, enhancing US$129 million YoY compared to negative US$67 million for a similar period in 2023.
“We remain focused on continued enhancement in profitability, as demonstrated by our ninth consecutive quarter of Group Adjusted EBITDA expansion while improving shareholder returns and managing our balance sheet,” Chief Financial Officer of Grab, Peter Oey, voiced.
Referring to this ride-hailing company’s US$500 million share repurchase program, Grab also performed its share buyback of approximately US$97 million of Class A ordinary stock last March and paid down the remaining balance worth US$497 million of the company’s Term Loan B.
The Group has also disclosed its loss for the quarter at US$115 million, an improvement of US$134 million YoY as the improvements in Group Adjusted EBITDA and reductions in net interest expenses and share-based compensation expenses. Further, the company’s Q1 loss includes a US$31 million foreign exchange loss and US$94 million in non-cash share-based compensation expenses.
Regional corporate costs also decreased, attaining US$91 million this quarter, compared to the former at US$102 million in the same period last year. Grab also focuses on driving cost efficiencies across the organization, with staff costs within regional corporate costs declining 20% YoY and cloud costs diminishing around 15% YoY.
“We continue to reinforce our category position and will leverage this scale and our technological edge to serve our users and partners,” Group CEO and Co-Founder of Grab, Anthony Tan, conveyed.
This Singapore-based ride-hailing company expects its adjusted core profit to be around US$250 – US$270 million in 2024, up from the former performance forecast of US$180 to US$200 million.
