Grab, the ride-hailing app, estimates a loss of USD 1.1 billion in the fourth quarter of 2021, as income decreased 44 percent year on year due to incentive expenditures.
Grab stated in a statement that the loss incurred USD 311 million in non-cash expenses connected to the convertible redeemable preference shares, which ceased when the company announced its public offering, and USD 328 million in one-time public listing expenses of which USD 290 million was non-cash.
The revenue decrease was caused by the company’s investment in increasing driver supply to supplement the recovery in travel demand.
“2021 was our best year yet, despite the fact that we faced harsher conditions with the Delta and Omicron variations.” “We achieved outsized growth in both GMV and revenues while continuing to improve our adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margins year over year, demonstrating the super app’s resilience and growing relevance,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
via Reportr