Superapp Grab has reported a loss of US$1.1 billion in 4Q21 ended December, 73% higher than the loss recorded in the previous corresponding quarter at US$635 million.
This included US$311 million non-cash interest expenses related to Grab’s convertible redeemable preference shares that ceased upon Grab’s public listing and US$328 million related to one-time public listing expenses, of which US$290 million is non-cash.
For FY2021, the Nasdaq-listed company posted a loss of US$3.06 billion, 30% higher than the loss of US$2.74 billion in FY2020.
Revenue in 4Q21 stood at US$122 million, a 44% decline y-o-y as the company "pre-emptively" invested to grow its driver supply to support the strong recovery in mobility demand. Consumer incentives for mobility and deliveries also increased as Grab invested in its category share and monthly transacting user growth.
FY2021’s revenue increased by 44% y-o-y to US$675 million on the back of strong growth in deliveries and financial services.
Gross merchandise value (GMV) grew 26% y-o-y to US$4.5 billion in 4Q21, marking four straight record quarters for Grab. For FY2021, the company’s GMV grew by 29% y-o-y to US$16.1 billion.
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The company’s cash liquidity totaled US$9 billion at the end of 4Q21, while its net cash liquidity was US$6.8 billion.
“2021 was our strongest year yet, even as we faced tougher conditions with the Delta and Omicron variants. We achieved outsized growth in both GMV and revenues while continuing to improve our adjusted EBITDA margins year over year, demonstrating the resilience and growing relevance of the superapp,” said Anthony Tan, Group CEO and co-founder of Grab.
He adds that the company expects 2022 to be another watershed year for Grab, as it prepares to launch its digibank in Singapore and continue to pursue opportunities in deliveries.
Grab chief financial officer Peter Oey says the company plans to be judicious and disciplined in allocating capital, as it doubles down on the long-term growth opportunities of its on-demand, advertising and financial services businesses.
Shares in Grab closed 29 US cents lower or 5.25% down on March 2.
Photo: Grab
