Singapore food delivery service Grab Holdings Limited announced on November 16 record-breaking revenues for the third quarter, totalling USD 382 million, up 143 percent on last year.
The quarterly revenue hike was primarily driven by strong growth in mobility and deliveries revenue, representing 101 percent and 250 percent yearly growth, respectively.
Mobility revenues were up on strong demand recovery following the easing of Covid-19 restrictions and the company’s efforts to improve active driver supply across the region. Likewise, the company’s deliveries segment was up on Grab’s reduction of incentives as a percentage of GMV, as it focused on driving higher quality GMV transactions, and contributions from Jaya Grocer, the company added.
The company said gross merchandise revenue (GMV) surged 26 percent to USD 5.1 billion, on the prior-year quarter, and narrowed earnings losses for the three months ending September 30, to USD 342 million, a 65 percent improvement on last year.
“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,” said Anthony Tan, chief executive officer and co-founder of Grab.
“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.”
Looking ahead, the company said it has revised its full-year 2022 revenue guidance to USD 1.32 billion to USD 1.35 billion, up from USD 1.25 billion to USD 1.3 billion.
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“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 percentto 55 percent year-over-year revenue growth in 2023 on a constant currency basis,” said Peter Oey, chief financial officer of Grab.