SINGAPORE: Grab Holdings Ltd’s profit surged to US$120 million (US$1=RM3.95) in the first quarter (1Q) of 2026 compared to US$10 million recorded in the same quarter last year.
In a statement on Tuesday, the company said revenue for 1Q grew 24 per cent year-on-year (y-o-y) to US$955 million, driven by continued growth across on-demand and financial services segments.
It said the on-demand gross merchandise value (GMV) growth accelerated 24 per cent y-o-y to US$6.1 billion, while total incentives in 1Q were US$650 million.
On-demand incentives as a proportion of on-demand GMV increased by 46 basis points y-o-y to 10.5 per cent, driven by an increase in partner incentives to meet festive demand and support driver-partner earnings in light of increased fuel costs across the region.
Grab group chief executive officer and co-founder, Anthony Tan, said the earnings demonstrate the platform’s resilience, especially as Southeast Asia navigates an uncertain macroeconomic environment from the fuel crisis.
“We had a strong start to 2026. Typically, the first quarter is our seasonally softest quarter; however, our on-demand GMV growth accelerated to 24 per cent y-o-y, or 21 per cent y-o-y on a constant currency basis, marking another quarter of record profitability.
“As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities — leaning deeply into AI to outserve our users with hyper-personalised experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners,” he added. – BERNAMA
