Grab’s Q3 net loss narrows to US$327m; deliveries segment hits positive adjusted Ebitda ahead of guidance

SOUTH-EAST Asian on-demand player Grab narrowed its net loss to US$327 million for Q3 ended September, an improvement from the US$970 million loss a year ago. This was primarily due to the elimination of non-cash interest expenses from Grab’s convertible redeemable preference shares upon its December 2021 listing.

Revenue for the company grew 143 per cent to US$382 million in Q3, lifted by a doubling in mobility revenue and 250 per cent growth in deliveries’ revenue year on year. This came as gross merchandise value (GMV) was up 26 per cent to US$5.1 billion.

With this set of earnings, Grab’s deliveries segment has hit positive adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) for the first time, three quarters ahead of previous guidance. This was possible due to the optimisation of incentive spend and contributions from its Malaysian retail chain, Jaya Grocer.