Grab reports third-quarter profit of S$20 million, reversing year-ago loss

SINGAPORE: Southeast Asia’s super-app Grab has turned a significant financial corner, reporting a profit of about S$20 million or US$15 million for the third quarter of 2024.

This turnaround marks a reversal from the US$99 million loss it experienced in the same quarter last year.

Several factors, including stronger group-adjusted earnings, a rise in net finance income, and a reduction in share-based compensation costs, underpinned the company’s shift into profitability.

In Q3 2024, Grab’s group-adjusted EBITDA—a key performance metric excluding certain expenses—jumped to US$90 million, reflecting a US$62 million increase from the previous year’s quarter.

Grab credits the rise in EBITDA to growth in On-Demand Gross Merchandise Value (GMV) and revenue across its segments.

Grab’s revenue for the quarter increased by 17% year-over-year to reach US$716 million. This growth was seen across all major business segments, underlining robust demand in its core markets.

The company’s On-Demand GMV also experienced substantial growth, climbing 15% year-over-year. This surge was largely driven by a 19% increase in Monthly Transacting Users (MTUs) and a 22% rise in transaction volumes.