Grab breaks company record with strong Q1 results

As it prepares for its initial public listing, Grab announced milestone results in Q1 2021.

Grab Holdings Inc. recorded an upward trend in their financial report for the first quarter of (Q1) 2021 as they work towards registering as a publicly-traded company. 

The recorded adjusted net sales reached a record-high $507m, with a 39% growth from last year. This resulted in revenue amounting to $216m.

The company also reached its highest quarterly total payments volume at a growth of 18%.

Grab also reported a boost in their adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) at $111m, which improved by $233m on a yearly basis. 

As of 31 March, Grab has a total of $4.9b cash and cash equivalents, an uptick of  $1.4b from the $3.5b shown last 31 December 2020. 

Grab also took note of several areas of growth in their services, which includes GrabMart app download statistics and mobility.

This comes amidst the difficulties posed to them by the COVID-19 pandemic and restrictions.

Peter Oey, CFO of Grab, confirmed that these achievements were notable for Grab as a company. 

“We exceeded our internal targets for adjusted net sales and adjusted EBITDA for Q1 2021, and continued the strong growth momentum of our deliveries business.” 

These achievements come as Grab continues to work on their proposed merger with Altimeter Growth Corporation, a technology-focused investment firm. 

Grab CEO and Co-founder Anthony Tan sees this as a positive showing as they move closer to their public listing.

“As we prepare to become a listed company, we’re sharing our first-ever quarterly financial results and we continue to deliver strong growth, despite the ongoing impact of COVID-19. Southeast Asian consumers trust Grab to meet their everyday needs in a growing number of ways, and we are excited about the emerging growth opportunities we see in our grocery delivery and financial services offerings.”