Press release
Grab Reports Second Quarter 2024 Results
• Revenue grew 17% year-over-year, or 23% on a constant currency basis to $664 million• On-Demand GMV grew 13% year-over-year, or 18% on a constant currency
About this update from Grab Holdings Limited
[{"type":"text","content":"• Revenue grew 17% year-over-year, or 23% on a constant currency basis to $664 million• On-Demand GMV grew 13% year-over-year, or 18% on a constant currency basis to $4.4 billion• Operating Loss improved by $121 million year-over-year to $(56) million• Adjusted EBITDA improved by $81 million year-over-year to $64 million SINGAPORE, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Grab Holdings Limited (NASDAQ: GRAB) today announced unaudited financial results for the second quarter ended June 30, 2024. \"We continued to harness the strength of the Grab ecosystem, and improved the usage frequency and reliability of our products and services. During the quarter, we achieved a new milestone, serving more users than ever at a record high of 41 million MTUs while delivering continued profitable growth at scale,\" said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab. \"Looking ahead, we are seeing continued strength in the Southeast Asian economy and will continue to leverage our key product initiatives to serve more users in the region, while also driving cost discipline across our business.\" “We delivered robust top-line growth across all of our segments, with On-Demand GMV growing 18% year-over-year on a constant currency basis to reach another all-time high. This was driven by strong demand growth as we increased On-Demand transactions by 22% year-over-year and drove cross usage of our products,” said Peter Oey, Chief Financial Officer of Grab. “We also achieved our tenth consecutive quarter of Adjusted EBITDA growth and our second quarter of positive Adjusted Free Cash Flow. We now expect to achieve positive Adjusted Free Cash Flow for the full year 2024.” Group Second Quarter 2024 Key Operational and Financial Highlights ($ in millions, unless otherwise stated)Q2 2024Q2 2023YoY % ChangeYoY % Change (unaudited)(unaudited) (constant currency3)Operating metrics: On-Demand GMV14,434 3,939 13%18%Group MTUs (millions of users)40.9 34.9 17% On-Demand MTUs (millions of users)36.7 30.7 19% On-Demand GMV per MTU ($)121 128 (6)%(1)%Partner incentives186 175 6% Consumer incentives266 245 8% Loan portfolio2397 233 71% Financial measures: Revenue664 567 17%23%Operating loss(56)(176)68% Loss for the period(68)(148)54% Total Segment Adjusted EBITDA148 81 84% Adjusted EBITDA64 (17)NM Net cash from/(used in) operating activities (Operating Ca...