Friday, 1 July 2022

Grab announces first quarter 2021 results ahead of US listing via SPAC merger with Altimeter Growth Corp

5 min read

SINGAPORE & MENLO PARK, Calif. – August 2, 2021 – Grab Holdings Inc., Southeast Asia’s leading superapp, today announced financial results for the quarter ended March 31, 2021. Grab and Altimeter Growth Corp. (Nasdaq: AGC) today also filed with the U.S. Securities and Exchange Commission (“SEC”) a draft registration statement on Form F-4 (the “Registration Statement”), in connection with their recently announced proposed business combination. While the registration statement has not yet become effective and the information contained therein is subject to change, it provides important information about Grab’s business and operations, proposed business combination with Altimeter Growth Corp. (“AGC”) and the proposals to be considered by AGC’s shareholders.

“We are pleased with our progress toward becoming a publicly-traded company, which we expect to occur in Q4 2021,” said Anthony Tan, Group CEO and Co-founder of Grab. “As we prepare to become a listed company, we’re sharing our first-ever quarterly financial results and we continue to deliver strong growth, despite the ongoing impact of COVID-19. Southeast Asian consumers trust Grab to meet their everyday needs in a growing number of ways, and we are excited about the emerging growth opportunities we see in our grocery delivery and financial services offerings.”

“We exceeded our internal targets for Adjusted Net Sales and Adjusted EBITDA for Q1 2021, and continued the strong growth momentum of our deliveries business,” said Peter Oey, Chief Financial Officer of Grab. “We saw robust topline growth, even compared to the first quarter of 2020 that saw limited impact from COVID-19, and took strides towards profitability. In the second quarter we saw the continuing resilience and strong performance of our business, combined with disciplined operational execution. We are confident that our diversified geographical and vertical footprint puts us in a strong position to capture the massive opportunity in Southeast Asia.”

Strong First Quarter 2021 Financial Results (for the three months ended March 31, 2021)

First Quarter 2021 Financial and Operational Highlights:

  • Gross Merchandise Value (GMV) grew 5% year on year to reach $3.6 billion. Deliveries GMV demonstrated strong year on year growth of 49%, offset by weakness in mobility as a result of the lockdowns and other restrictions imposed by governments on the back of the COVID-19 pandemic.
  • Adjusted Net Sales reached an all-time high of $507 million, up 39% year on year. Revenue achieved a record $216 million.
  • Grab achieved its strongest quarter for Adjusted EBITDA at $(111) million, which improved by $233 million year on year.
  • Total Segment Adjusted EBITDA, which excludes regional corporate costs, was $35 million, an improvement of $231 million year on year.
  • Net loss, which includes non-cash items related to interest accrued on Grab’s convertible redeemable preference shares and depreciation, was $(652) million, compared to $(771) million in Q1 2020.
  • Spend per user, defined as GMV per Monthly Transacting Users (MTU), increased by 31% year on year, highlighting the strength of Grab’s superapp synergies across its business segments.
  • As of March 31, 2021, Grab had $4.9 billion of cash and cash equivalents, an increase of $1.4 billion from $3.5 billion as of December 31, 2020. This was primarily due to the closing of Grab’s first senior secured term loan facility (the Term Loan B Facility) of $ 2.0 billion at the end of January 2021.
  • In Q1 2021, Grab was the most downloaded app and had the highest number of average smartphone monthly active users in Southeast Asia1 for the mobility and delivery category2, according to App Annie. This is across both iOS and Google Play combined. Grab’s cumulative downloads from launch through Q1 2021 and average smartphone monthly active users base in Q1 2021 were also more than 2x higher than the next largest mobility and delivery app in the region.


Re-disseminated by The Asian Banker


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