Grab's Ride-Hailing Unit in Singapore Set to Reach Pre-Covid Levels by Year-End
Singapore-based ride-hailing and delivery company Grab announced that its ride-hailing unit is expected to reach pre-Covid levels by the end of 2023. In its second-quarter earnings release, Grab reported a 28% increase in mobility gross merchandise value (GMV) compared to the same period last year. The company stated that its mobility GMV has recovered to 85% of pre-Covid levels, with core markets like Malaysia, Singapore, and Thailand surpassing these levels. Grab's revenue for the second quarter was $567 million, beating estimates, and it posted a net loss of $135 million, an improvement from the previous year. The company aims to achieve profitability by the third quarter and expects revenue between $2.2 billion and $2.3 billion for 2023.