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Grab Holdings | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Feb 22 20:11
Summary by Futu AI
Grab Holdings, the Southeast Asian superapp, reported a positive fourth quarter for 2023 with a 30% year-over-year revenue increase to $653 million and a profit of $11 million, marking a significant turnaround from the $391 million loss in the same period the previous year. The company's Adjusted EBITDA also improved by $146 million year-over-year to $35 million. Additionally, Grab's Board of Directors has authorized an inaugural share repurchase program of up to $500 million. The full-year results for 2023 showed a 65% revenue increase to $2.359 billion, with a reduced annual loss of $485 million, a 72% improvement from 2022. The company's growth was driven by increased GMV across its Mobility and Deliveries segments, with a notable 18% year-over-year growth in On-Demand GMV. Despite...Show More
Grab Holdings, the Southeast Asian superapp, reported a positive fourth quarter for 2023 with a 30% year-over-year revenue increase to $653 million and a profit of $11 million, marking a significant turnaround from the $391 million loss in the same period the previous year. The company's Adjusted EBITDA also improved by $146 million year-over-year to $35 million. Additionally, Grab's Board of Directors has authorized an inaugural share repurchase program of up to $500 million. The full-year results for 2023 showed a 65% revenue increase to $2.359 billion, with a reduced annual loss of $485 million, a 72% improvement from 2022. The company's growth was driven by increased GMV across its Mobility and Deliveries segments, with a notable 18% year-over-year growth in On-Demand GMV. Despite foreign exchange fluctuations impacting results, Grab reduced total incentives to 7.3% of GMV and achieved a Group Adjusted EBITDA margin of 0.6% for the quarter. Cash liquidity remained strong at $6.0 billion at the end of the fourth quarter. The company also plans to fully repay its outstanding Term Loan B, which is expected to result in significant interest expense savings. Grab's performance reflects its continued focus on growth and profitability across its deliveries, mobility, and digital financial services sectors.

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