Nov 3 (Reuters) - Singapore's Grab lifted its annual revenue and profit forecasts on Tuesday, encouraged by strong demand for its ride-hailing and delivery services, while also banking on its burgeoning financial services business to boost growth.
Grab reported its first ever core profit in its financial services business in the third quarter ended September, as more drivers and merchants selling on its platform availed the company's loans, insurance plans and other financial services.
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• Grab, Southeast Asia's biggest ride-hailing and delivery company, now expects 2026 revenue between $4.15 billion and $4.20 billion, up from its prior forecast of $4.10 billion to $4.15 billion
• Its annual adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) is now projected at $790 million to $800 million, versus $720 million to $740 million previously
• Grab now has a record 57 million monthly transacting users, up from 54 million three months ago
• Grab's targeted promotions for consumers helped boost overall usage and transactions, while its incentives for drivers helped it grow the number of driver partners active on its platform
• "Despite the elevated fuel prices and macroeconomic headwinds across the region... more users are transacting on Grab than ever," said CEO Anthony Tan
• Total third-quarter revenue rose 27% to $1.11 billion, beating estimates of $1.07 billion, per LSEG data
• Gross merchandise value (GMV), or the total dollar value of transactions, across Grab's mobility and delivery units, 18% to $6.8 billion in the quarter
• The company's shares were up more than 3% in extended trading, having fallen 42% so far this year
(Reporting by Deborah Sophia in Bengaluru; Editing by Shailesh Kuber)
