Grab Holdings Ltd , Southeast Asia's biggest ride-hailing and food delivery firm, expects to break even on its adjusted EBITDA by the second half of 2024 as it accelerates toward profitability, company officials said on Tuesday.
Its group adjusted EBITDA loss is expected to be $380 million for the second half of 2022, a 27% improvement compared with the first half of the year.
"Our cash position is not something that we take for granted. We will maintain a prudent stance in how we allocate and deploy our capital with this cash preservation on top of mind," Chief Financial Officer Peter Oey told analysts on Grab's first investor day.Grab also announced that it expects group revenue to grow by 45% to 55% year-on-year in 2023 on a constant currency basis.
"We’ve been firing on all cylinders to improve our profitability trajectory and deliver growth in a sustainable manner and the new targets we’ve shared today reflect that," said Anthony Tan, CEO and co-founder. In an interview with Reuters last week, Grab said the company does not envisage having to undertake mass layoffs as some rivals have done, and is selectively hiring, while reining in its financial service ambitions.
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