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

SEC ·  Aug 15 20:32
Summary by Futu AI
Grab Holdings Limited, the Southeast Asian superapp, reported its second quarter 2024 financial results, revealing a 17% year-over-year revenue increase to $664 million, or 23% on a constant currency basis. The company's On-Demand Gross Merchandise Value (GMV) grew by 13% year-over-year to $4.4 billion, with Operating Loss improving by $121 million to $(56) million. Adjusted EBITDA saw a significant improvement, turning positive at $64 million compared to a negative $17 million in the same period last year. The report also noted that Grab's proposed acquisition of Trans-Cab Holdings Ltd, announced on July 20, 2023, will not proceed. Additionally, the company highlighted its focus on cost efficiencies, which included a 14% year-over-year reduction in staff costs within regional corporate costs. Cash liquidity stood at $5.6 billion at the end of the quarter, with net cash liquidity at $5.3 billion. Grab also repurchased 9.6 million shares for $34.6 million as part of its $500 million share repurchase program. The company's ESG report for 2023 showcased its commitment to safety and environmental goals, including a significant reduction in single-use plastics.
Grab Holdings Limited, the Southeast Asian superapp, reported its second quarter 2024 financial results, revealing a 17% year-over-year revenue increase to $664 million, or 23% on a constant currency basis. The company's On-Demand Gross Merchandise Value (GMV) grew by 13% year-over-year to $4.4 billion, with Operating Loss improving by $121 million to $(56) million. Adjusted EBITDA saw a significant improvement, turning positive at $64 million compared to a negative $17 million in the same period last year. The report also noted that Grab's proposed acquisition of Trans-Cab Holdings Ltd, announced on July 20, 2023, will not proceed. Additionally, the company highlighted its focus on cost efficiencies, which included a 14% year-over-year reduction in staff costs within regional corporate costs. Cash liquidity stood at $5.6 billion at the end of the quarter, with net cash liquidity at $5.3 billion. Grab also repurchased 9.6 million shares for $34.6 million as part of its $500 million share repurchase program. The company's ESG report for 2023 showcased its commitment to safety and environmental goals, including a significant reduction in single-use plastics.
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