Grab, the leading ride-hailing and delivery service in Southeast Asia, reported record second-quarter results, prompting the company to raise its full-year revenue forecast. The firm experienced a 28% increase in rides year-on-year, contributing to a 22% rise in revenue to $997 million and a significant operating profit of $19 million, up 186%.
CFO Peter Oey emphasized the role of AI in enhancing operational efficiency, allowing for faster product delivery and improved margins. The company has adjusted its revenue outlook for the year to between $4.10 billion and $4.15 billion, alongside an increase in EBITDA estimates to $720 million-$740 million.
Oey expressed confidence in sustained demand, particularly in July, and noted ongoing efforts to finalize the acquisition of Delivery Hero's foodpanda business in Taiwan, which is expected to enhance Grab's offerings in that market