Grab Still Lost US$435 Million in Q1 2022 Despite Incentive Increase

Economics & Macro

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Vika Azkiya Dihni 23/05/2022 10:20 WIB

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Grab increased incentives or "burned money" to attract driver-partners, merchants, and consumers in Q1 2022. However, Grab still recorded losses in the first three months of this year.

Grab's Revenue and Net Profit/Loss (Q1 2021 and Q1 2022)

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Grab's Revenue and Net Profit/Loss (Q1 2021 and Q1 2022)

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Grab increased incentives to attract driver-partners, merchants, and consumers in Q1 2022. However, Grab still recorded a loss in the first three months of the year.

Grab's loss in January-March 2022 was recorded at US$435 million. Nevertheless, Grab's loss decreased by 35% year-on-year (YoY) from US$666 million in January-March 2021.

Meanwhile, Grab's revenue increased by 6% (YoY) from US$216 million in Q1 2021 to US$228 million in Q1 2022.

The incentives disbursed to consumers increased by 85% (YoY) from US$186 million to US$344 million. Meanwhile, incentives for partners increased by 55% (YoY) from US$139 million to US$216 million.

These efforts successfully boosted transaction value on the Grab app. Grab's Gross Merchandise Value (GMV) increased by 32% (YoY) from US$3.64 billion to US$4.8 billion in Q1 2022.

Monthly Transacting Users (MTU) also increased by 10% (YoY) to 30.9 million. Average spending per user, or GMV per MTU, also increased by 19% (YoY) to US$155 million.

"We are optimistic that the business will continue to strengthen as more countries live with Covid-19," said Grab CEO Anthony Tan in a press release on Thursday (May 19, 2022).

"The mobility line is also recovering and we expect it to recover gradually as Covid-19 restrictions ease and the active driver base increases," he added.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."