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Grab Surges: Profit Forecasts Raised on Strong Demand
3 Nov
Summary
- Grab raised annual revenue and profit forecasts.
- Third quarter saw Grab's financial services achieve core profit.
- Strong demand fueled growth in ride-hailing and delivery.
Singapore-based Grab has announced an upward revision of its annual revenue and profit forecasts, signaling strong performance. This optimistic outlook is underpinned by considerable demand across its core ride-hailing and delivery operations.
The company achieved a significant milestone in the third quarter, reporting its inaugural core profit within the financial services division. This success is largely due to a growing number of platform drivers and merchants utilizing Grab's loan and insurance offerings.
The expansion of its financial services business is a key strategic focus for Grab, aiming to further enhance its overall growth trajectory. The positive results suggest a successful diversification strategy beyond its primary ride-sharing and food delivery markets.
