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2023-02-23

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Grab Forecasts 2023 Revenue Above Estimates, Brings Forward Profit Target

Feb 23 (Reuters) - Grab Holdings Ltd, Southeast Asia's biggest ride-hailing and food delivery firm,

Grab Forecasts 2023 Revenue Above Estimates, Brings Forward Profit Target

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Analysts expect Grab&#39;s annual sales to scale $1.97 billion, according to Refinitiv data.</p><p>Grab also brought forward its forecast for group break-even on an adjusted core earnings, or EBITDA basis, to the fourth quarter of 2023 from a previous target of the second half of 2024.</p><p>For the year, Grab forecast loss before interest, taxes, depreciation, and amortization between $275 million and $325 million. 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Chief Financial Officer Peter Oey said.</p><p>Still, Grab expects the ride-hailing business to return to pre-pandemic levels by the end of the year.</p><p>The company forecast its 2023 revenue between $2.20 billion and $2.30 billion. Analysts expect Grab&#39;s annual sales to scale $1.97 billion, according to Refinitiv data.</p><p>Grab also brought forward its forecast for group break-even on an adjusted core earnings, or EBITDA basis, to the fourth quarter of 2023 from a previous target of the second half of 2024.</p><p>For the year, Grab forecast loss before interest, taxes, depreciation, and amortization between $275 million and $325 million. The metric, keenly watched by investors as a measure of profitability, was $793 million for 2022.</p><p>Grab also delivered an about four-fold revenue surge in the fourth quarter to $502 million, helped by higher demand and a reduction in incentives.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GRAB":"Grab Holdings"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129132164","content_text":"Feb 23 (Reuters) - Grab Holdings Ltd, Southeast Asia's biggest ride-hailing and food delivery firm, on Thursday forecast upbeat 2023 revenue and pulled forward its profitability timeline on hopes that consumers will continue to rely on its services.New York-listed shares of a decade-old Grab, a household name in eight Southeast Asian countries, gained 6% in premarket trading.Grab and rivals such as Indonesia's PT GoTo Gojek Tokopedia Tbk and Uber benefited from higher demand for delivery services during the COVID-19 pandemic, while consumers have relied on the app for their daily commute as offices reopened and travel resumed.The Singapore-based company is now scaling back on promotions, incentives to drivers, and is improving its cost structure to focus on profitability, while it will also implement several measures such as a hiring pause, salary freezes for senior managers and cuts in travel and expense budgets.\"This sets us up for a strong 2023 as we continue to focus on growing in a sustainable manner,\" Chief Financial Officer Peter Oey said.Still, Grab expects the ride-hailing business to return to pre-pandemic levels by the end of the year.The company forecast its 2023 revenue between $2.20 billion and $2.30 billion. 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