Singapore / SG. (ghl) Grab Holdings Limited announced unaudited financial results for the quarter ended September 30, 2022.
«Our third-quarter results demonstrate our ability to drive growth and profitability in tandem. We achieved core food deliveries and overall Deliveries segment-adjusted Ebitda breakeven ahead of guidance while narrowing our overall loss for the period significantly. We accomplished this by staying laser-focused on our cost structure and incentives, while innovating on services that increase synergies within our superapp ecosystem to promote transaction frequency, user retention and engagement. We are confident that we have a strong foundation to continue to scale our business sustainably,» said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
«We are pleased to report a strong third quarter that reflects our accelerated path to profitability. Despite foreign currency translation headwinds and normalizing food delivery demand, our revenue increased 143 percent year-over-year («YoY»), with incentive spend as a percentage of GMV reduced substantively to 9.4 percent, down from 11.4 percent for the same period last year. In the quarters ahead, we will continue to focus on cash preservation and cost optimization as we execute on our plans to grow sustainably and drive towards our expectations of 45 percent – 55 percent YoY revenue growth in 2023 on a constant currency basis,» said Peter Oey, Chief Financial Officer of Grab.
Grab is Southeast Asia’s leading superapp based on GMV in 2021 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor. Grab operates across the deliveries, mobility and digital financial services sectors in over 480 cities in eight countries in the Southeast Asia region – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Grab enables millions of people each day to access its driver- and merchant-partners to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending, insurance, wealth management and telemedicine, all through a single «everyday everything» app. Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone, and since then, the Grab app has been downloaded onto millions of mobile devices. Grab strives to serve a triple bottom line: to simultaneously deliver financial performance for its shareholders and have a positive social and environmental impact in Southeast Asia.
For additional information please read the Company’s PDF file below (76 KB):20221119-GRAB-Q3-2022