Grab has the first profitable quarter after a decade

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Grab has the first profitable quarter after a decade

Intermediate

Business

February 23

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After a decade of operations,

has announced its first profitable quarter, albeit with relatively modest figures. Grab, the tech unicorn, revealed its business performance for Q4/2023 with a net profit of $11 million after taxes. This marks the company's first profitable quarter in over 10 years of operation. However, during the same period, the company incurred losses of up to $391 million.

Previously, in Q3/2023, Grab had reached break-even point with an EBITDA (

) of $29 million, although it still posted a $99 million loss after taxes. Throughout the year, Grab achieved $2.4 billion in revenue, a 65% increase compared to 2022. The aforementioned profit helped Grab narrow its full-year loss in 2023 to $485 million, compared to a loss of over $1.7 billion in 2022.

Over the past year, delivery services remained the cash cow for this super app, generating nearly $1.2 billion in revenue and contributing 51% to the company's total revenue. Meanwhile, transportation services decreased in proportion from 48% to 37% over the year. This year, Grab anticipates revenue ranging from $2.7 billion to $2.75 billion, slightly below the consensus forecast of analysts at LSEG, which is $2.8 billion.