Grab improves net loss by 35% YoY in Q1

Revenue hopped by 6%.

Ride-hailing app Grab, posted a net loss of $435m in the first quarter (Q1) of 2022 a 35% improvement from $666m in Q1 2021, after it scrapped the “non-cash interest expense of convertible redeemable preference shares, which was converted to ordinary shares.”

In its financial report, Grab’s revenue bumped by 6% from $216m in Q1 2021 to $228m in the same period this year. As this happened, gross merchandise value, sum of total dollar value of transactions from the firm’s services, also grew by 32% from $3.644b in Q1 2021 to $4.805b in the same quarter this year.

The overall GMV and revenue increase was on the back of the sped-up mobility segment, strong core food and groceries growth following its acquisition of Malaysia-based Jaya Grocer.

Grab Chief Financial Officer Peter Oey said their strong financial results also include adjustment of earnings before interest, taxes, depreciation, and amortisation (EBITDA), which was negative $287 million.

“Looking ahead, we are focused on growing sustainably by being disciplined with our capital, optimising our fixed cost base and tapering our incentive spend as the market rationalises. We believe these actions will put us on a path to achieving segment adjusted EBITDA breakeven for deliveries by the end of 2023,” said Oey.

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