Grab rockets to $120m profit in Q1, up from $10m a year ago

Growth led by deliveries, mobility and lending as GMV hits $6.1b in the quarter.

Grab Holdings Limited (Grab) reported a net profit of $120m for the first quarter (Q1) ended 31 March, up from $10m in the same period a year earlier.

Adjusted EBITDA rose 46% year on year (YoY) to $154m, whilst revenue increased 24% to $955m, according to the company’s results. Operating profit was $22m, compared with a $21m loss a year earlier.

On-demand gross merchandise value (GMV) rose 24% to $6.1b. The company said growth was driven by its deliveries, mobility, and financial services segments, with continued increases in transactions and monthly transacting users across the platform.

Within segments, deliveries revenue grew 23% to $510m, supported by higher GMV and advertising growth. Mobility revenue rose 19% to $337m, driven by increased ride volumes and transactions whilst financial services revenue increased 43% to $107m, supported by loan growth.

The financial services segment also recorded a 67% increase in total loans disbursed to $1.1b, whilst gross loan portfolio expanded 130% YoY to $1.44b.

Anthony Tan, Group CEO and Co-Founder of Grab, said on-demand GMV growth accelerated in the quarter despite seasonal softness, whilst highlighting performance across core segments in the results statement.

Peter Oey, chief financial officer of Grab, said adjusted EBITDA growth and cash flow generation kept the company on track to meet its full-year revenue and EBITDA guidance, based on the earnings release.

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