Ride-hailing app, Grab reports a loss of USD 1.1 billion during the fourth quarter of 2021 as the revenue fell 44 percent year on year as a result of incentive spending.
Grab said in a statement the loss incurred USD 311 million non-cash expenses that were related to the convertible redeemable preference shares that stopped when grab announced public listing and USD 328 million due to one-time public listings from expenses, from which USD 290 million was non-cash.
The drop in revenue was a result of the company investing to grow driver supply in order to supplement recovery in travel demand.
“2021 was our strongest year yet, even as we faced tougher conditions with the Delta and Omicron variants. We achieved outsized growth in both Gross Merchandise Value (GMV) and revenues while continuing to improve our adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margins year over year, demonstrating the resilience and growing relevance of the super app,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
via Reportr
