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

Company will continue to focus on cost-cutting, with plans to bring down regional headcount through streamlining, natural attrition.

Sharanya Pillai

Published Wed, Nov 16, 2022 · 09:27 PM

Grab

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 …