Grab Holdings has reported earnings of US$11 million ($14.8 million) for the 4QFY2023 ended Dec 31, 2023, its first quarterly profit. In comparison, the ride-hailing company reported losses of US$391 million in the 4QFY2022.
For the FY2023, the group still made a loss of US$485 million, albeit at a 72% y-o-y improvement.
Revenue for the 4QFY2023 grew by 30% y-o-y to US$653 million due to revenue growth across all segments and a further reduction in incentives.
Total gross merchandise value (GMV) for the quarter grew by 9% y-o-y to US$5.4 billion mainly due to higher GMV for mobility and deliveries. On a constant currency basis, total GMV rose by 8% y-o-y due to foreign exchange (forex) currency fluctuations.
4QFY2023 adjusted ebitda improved to US$35 million from losses of US$111 million in the 4QFY2022.
For the FY2023, revenue rose by 65% y-o-y to US$2.36 billion above the group’s guidance of US$2.31 billion to US$2.33 billion. Growth was due to increases across the group’s segments, continued incentive optimisation and a change in business model for certain delivery offerings.
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FY2023 group GMV grew by 5% y-o-y or 7% y-o-y on a constant currency basis to US$20.98 billion on the back of continued growth in mobility and deliveries.
Adjusted ebitda for the FY2023 stood at a negative US$22 million, a 97% improvement on a y-o-y basis.
As at Dec 31, 2023, the group also reported positive adjusted free cash flow of US$1 million from the negative adjusted free cash flow of US$32 million.
Shares in Grab closed 4 US cents lower or 1.15% down at US$3.45 on Feb 21.
