Grab, Southeast Asia’s biggest ride hailing and food delivery group, has reported strong first-quarter sales.
Adjusted net sales rose 39 per cent to $507 million (£365 million) while adjusted EBITDA losses improved by $233 million year on year to $111 million.
Peter Hey, Chief Financial Officer of Grab, said the firm had exceeded its internal targets and “continued the strong growth momentum of our deliveries business.”
The Singapore-based firm which offers delivery, ride-hailing and financial services to customers produced improved results amid increased demand for deliveries.
Adjusted net sales from deliveries was $293 million, up 96 per cent compared to Q1 of 2020. Sales from financial services were also up 31 per cent while adjusted net sales from mobility services fell by 14 per cent.
Anthony Tan, Group CEO and Co-founder of Grab said: “We are pleased with our progress toward becoming a publicly-traded company which we expect to occur in Q4 2021.”
Grab’s Q1 2021 results are the first set to be published ahead of Grab’s public listing expected to follow a merger worth close to $40 billion with the acquisition company Altimeter Growth Corp (AGC.O).
Analysis by Euromonitor International indicates that Grab was Southeast Asia’s leading app for food deliveries, mobility and financial services in 2020.
With operations in over 400 cities across 8 countries positive results for the first quarter of 2021 suggest that Grab is well-positioned in the Southeast Asian market.