The following is a summary of the Grab Holdings Limited (GRAB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Grab reported strong Q1 2024 revenues of $653 million, a 24% increase YoY.
The company's On-Demand Gross Merchandise Volume (GMV) grew 18% YoY to $4.2 billion.
Adjusted EBITDA expanded 4x YoY to $153 million, credited to all segments.
Reported an IFRS net loss of $115 million for the quarter, an improvement from last year.
Ended the quarter with gross cash liquidity of $5.3 billion.
Grab initiated a $500 million share buyback program and repurchased approximately 97 million of Class A ordinary shares.
Net cash liquidity at the end of Q1 was $5 billion.
Business Progress:
Grab reached a record of 38 million monthly transacting users.
Contributed to progress were initiatives with governments and regulators like the Tourism Authority of Thailand and Grab's Kota Masa Depan program in Indonesia.
Grab's On-Demand GMV reached a new record of $4.2 billion in a quarter, marking a 21% increase YoY.
Despite impacts of seasonal festivities, demand in Deliveries remained resilient.
Grab's lending business saw growth with total loans dispersed in Q1 growing 64% YoY to reach $483 million.
Strong demand witnessed in the Mobility segment.
Planning a progressive scaling of the lending business and optimization of expenses within its Digibanks.
Committed to achieving breakeven for its Financial Services segment no later than the second half of 2026.
Grab's fintech business is expanding, with lending becoming a major revenue driver.
The company undertook cost management and efficiency improvement initiatives across its departments.
Enhancements have been reported in drivers' metrics across different countries.
More details: Grab Holdings IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.