[SINGAPORE] Grab reported a net profit of US$24 million for the first quarter ended Mar 31, 2025, reversing from a US$104 million loss in the previous corresponding period.
The turnaround was driven by higher revenue across all segments, improved operating loss and higher net finance income which included US$33 million in foreign exchange gains, it said.
The Nasdaq-listed Singapore company’s revenue rose 18 per cent to US$773 million on a constant currency basis.
It slashed operating loss from US$75 million previously to US$21 million.
Anthony Tan, group chief executive officer of Grab, said: “We had a strong set of results to start the year, sustaining robust demand growth momentum to achieve yet another quarterly record number of users on our platform, even amid the seasonal demand impacts from the Lunar New Year and Ramadan fasting period.”
The company reported a business outlook of 19 to 22 per cent growth in revenue on the year for FY2025, projecting US$3.33 billion to US$3.4 billion. Adjusted earnings before interest, taxes, depreciation and amortisation is expected to climb 47 to 53 per cent on the year to between US$460 million and US$480 million, an increase from the previous projection of 41 to 50 per cent.
Peter Oey, chief financial officer of Grab, said: “Looking ahead to the second quarter, we expect to drive strong, sequential on-demand gross merchandise value and overall revenue growth, while remaining disciplined on costs as a company.”
Shares of Grab last traded at US$4.79 on Wednesday morning, up US$0.03 or 0.6 per cent, before the results were announced.
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