Grab’ Profit to Signal Good Fortune for Ride Hailing Business

By Editorial Team 13/11/2023
Grab Holdings
Summary

Superapp company Grab Holdings Ltd posted a profit for the first time in its history after more than a decade since its establishment. According to Bloomberg's report on Nov 10, pre-tax profit reached US$29 million in the third quarter, significantly surpassing analysts' average projection of US$9.5 million.

Grab Chief Financial Officer Peter Oey said the next target is a positive cash flow in 2024. "The gross merchandise value [GMV] for Grab's mobility business is expected to reach pre-pandemic levels by the end of this year," he stated. According to Evercore ISI analyst Mark Mahaney, Grab's ride-hailing segments showed improvement. "Further acceleration is predicted to occur in the fourth quarter," he said.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

Sign up
Log in
What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.