Grab's revenue more than doubles to $525m in Q1

The company's loss for the period recovered 43% YoY to $250m.

Grab Holdings Limited's (Grab) revenue more than doubled by 130% year-over-year (YoY) to $525m in Q1 from $228m last year.

The company attributed the increase to revenue growth across all of its segments, the reduction in incentives, and a change in its business model for specific delivery offerings in one of its markets.

Its bourse filing also reported a 43% YoY improvement in Grab's loss for the period to $250m from $435m due to its adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) recovered 77% YoY to negative $66m from negative $287m and a reduction in net interest expenses.

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Meanwhile, Grab's gross merchandise value increased by 3% YoY to $4.96b from $4.81b due to the continued growth in its Mobility segment, which offset softer demands in its Deliveries segment because of the holidays during Q1, such as Chinese New Year and Ramadan.

The company's monthly transacting users grew 8% YoY to 3.3 million from 30.9 million.