Singapore-based superapp Grab announced Thursday that its revenue grew 17 percent year-over-year to $664 million in the second quarter of 2024, driven by revenue growth across all segments.

The firm said in a statement that its operating loss narrowed to $56 million in the second quarter, primarily due to an improvement in group adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), partially offset by an increase in income tax expense.

The firm’s EBITDA for the quarter stood at $64 million for the quarter, as compared to negative $17 million a year ago, as it continued to grow on-demand gross merchandise value (GMV) and revenue, while improving profitability on a segment adjusted EBITDA basis and lowering regional corporate costs.

The firm maintained its revenue guidance at $2.70 billion to $2.75 billion, up 14 percent to 17 percent year on year.

The firm also hold its adjusted EBITDA at $250 million to $270 million.

“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 monthly transacting users (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,” he added.

Meanwhile, Peter Oey, Chief Financial Officer of Grab, said that the firm delivered robust top-line growth across all of its segments, with on-demand GMV growing 18 percent 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 percent year-over-year and drove cross usage of our products,

“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,” he added.

The firm’s deliveries revenue grew 11 percent year on year to $356 million in the second quarter, primarily attributed to growing demand from its food deliveries business, and increasing contributions from our Jaya and advertising businesses.

The segment’s GMV grew 9% year on year to an all-time high of $2.85 billion in the second quarter, driven by an increase in total transactions and deliveries MTUs.

Meanwhile, its mobility revenues continued to grow strongly, rising 19 percent year on year in the second quarter, underpinned by strong growth in Mobility MTUs and transactions.

Its mobility GMV also increased 20 percent year on year to $1.58 billion during the quarter.

Revenue for financial services grew 54 percent year on year to $60 million in the second quarter, driven by increased contributions mainly from lending across GrabFin and Digibank, and further optimization of payments incentive spend.

The segment adjusted EBITDA for the quarter improved by 44 percent year on year to negative $24 million, attributed to the improved growth and monetization of its lending products that drove higher revenues and margins, along with reductions in overhead expenses as the firm continues to optimize costs.

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