Singapore-based superapp Grab announced Thursday that its revenue for 2024 grew 19 percent year on year to $2.8 billion, exceeding its guidance of $2.76 billion to $2.78 billion.

The steady revenue was attributable to robust on-demand gross merchandise volume (GMV) growth and increasing contributions from our financial services segment and advertising business, the firm said in a statement.

The firm’s on-demand GMV re-accelerated with growth of 16 percent year on year to $18.36 billion. This was driven by growth in both mobility and deliveries.

Notably, deliveries GMV growth accelerated to 13 percent year on year in comparison to the 4 percent year on year growth recorded in 2023.

Loss for the year for the group was $158 million, a 67 percent improvement year on year, attributed to improvements in group adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), alongside lower restructuring costs and share-based compensation expenses.

Its adjusted EBITDA for the full year was positive at $313 million, an increase of $334 million compared to negative $22 million in 2023, and achieved the upper end of our guidance range of $308 million to $313 million.

As for the fourth quarter of 2024, the firm’s revenue rose 17 percent year-over-year to $764 million, driven by growth across all segments.

Its on-demand GMV for the quarter increased by 20 percent year on year to $5 billion, driven by growth in on-demand monthly transacting user (MTUs) and transactions.

The firm’s profit for the quarter was stable year on year at $11 million, as an increase in foreign exchange losses and lower contribution from net changes in fair value of financial assets totaling $39 million year on year offset the improvement in operating profit.

Its adjusted EBITDA was $97 million for the quarter, an improvement of $61 million year on year compared to $35 million in the prior year period.

This was primarily attributed to on-demand GMV and group revenue growth, improving profitability on a segment adjusted EBITDA basis, and lower regional corporate costs.

“Fourth quarter was our strongest quarter ever. We finished 2024 with on-demand GMV growth accelerating to 20 percent year on year, and as we continue to generate profitability at scale,

“We have more users on our platform than ever, and our unique platform advantages place us in a strong position to continue this growth momentum into 2025 and to deepen user engagement across our ecosystem,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.

Peter Oey, Chief Financial Officer of Grab, said the firm outperformed its revenue guidance for 2024, while demonstrating its ability to scale the platform profitably as it delivered a record full year group adjusted EBITDA of $313 million and adjusted free cash flow of $136 million.

“These are important milestones for us as we look to maintain our growth momentum and cash generation capabilities, while remaining disciplined in making strategic investments to strengthen our ecosystem, and enhancing shareholder value,” he added.

The firm foresees its revenue to grow 19 percent to 22 percent year on year to $3.33 billion to $3.40 billion in 2025.

Its also projected its EBITDA to expand by 41 percent to 50 percent year on year to $440 million to $470 million.

It is noted that the firm’s deliveries revenue grew 13 percent year on year to an all-time high of $407 million in the fourth quarter of 2024.

For the full year 2024, deliveries revenue went up 14 percent year on year to $1.49 billion.

The strong growth was primarily attributed to a re-acceleration in GMV growth and higher contributions from advertising.

In 2024, the firm continued to drive further adoption of our key affordability and high value product initiatives, while also expanding on newer features such as group orders and dine-out, to expand our product offerings and increase platform engagement.

Meanwhile, the group’s mobility revenue grew 19 percent year on year to $282 million during the quarter, underpinned by stronger demand levels.

For the full year 2024, mobility revenue increased by 20 percent year on year to $1.05 billion.

The firm focused on improving its active driver supply base and enhancing driver productivity to meet growing demand levels.

As for financial services, its financial Services revenue grew 38 percent year on year to $74 million in the fourth quarter.

For the full year 2024, the segment’s revenue grew by 44 percent year on year to $253 million.

The strong growth was primarily attributed to increasing contributions from its lending business.

The firm focused on lending to its ecosystem partners through GrabFin and its digital banks, with total loans disbursed growing by 44 percent year on year to $639 million during the quarter.

EconWorks : Grab’s on-demand services in Malaysia adds almost $2.23B to local economy