Grab’s sales increased by 39% in the first quarter, ahead of a record Spac deal

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The first-quarter adjusted net revenues of Grab, Southeast Asia’s largest ride hailing-to-food-delivery group, increased by 39% to a record US$507 million (S$685 million). At the same time, the Singapore-based firm decreased its losses thanks to a solid performance in its deliveries division.
Grab, which is going public through a record merger with special-purpose acquisition firm (Spac) Altimeter Growth Corp for almost US$40 billion, said it expects the deal to close in the fourth quarter.
As it prepares to go public, its quarterly financial figures were the first to be released. Grab stated in a statement that its adjusted Ebitda loss in the April quarter was down to US$111 million from US$344 million a year ago.
“We achieved our internal objectives for adjusted net sales and adjusted Ebitda in Q1 2021, and our delivery business continues to expand at a healthy pace,” said Peter Oey, Grab’s chief financial officer, in a statement.
Grab’s ride-hailing business has been impacted by the lockdowns imposed by many Southeast Asian countries to prevent the spread of Covid-19. Still, the firm has benefitted from an increase in food and parcel delivery and digital payments.
Grab expects demand for mobility services to remain volatile, owing to a rise of Covid-19 cases that have impacted its markets and resulted in additional limitations. In the first quarter, Grab’s adjusted Ebitda for its mobility division increased by 42% year on year to US$115 million.

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