Grab Holdings reported fourth-quarter performance in 2023, with total revenue increasing by 30% compared to the same period in the previous year to $653 million. The company achieved a net profit for the first time of $11 million, while EBITDA profit increased to $35 million.
Expenditure on the platform increased by 9% to $5.441 billion, with the ride-hailing business at $1.474 billion, up by 32%, delivery business at $2.648 billion, up by 4%, financial services at $1.255 billion, down by 11%, and new business group at $64 million.
Peter Oey, Grab’s CEO, also announced a share buyback plan from Grab shareholders for the first time, with a total amount not exceeding $500 million.
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TLDR: Grab Holdings reported increased revenue and profits in the fourth quarter of 2023, with plans for a share buyback and expenditure growth across various business segments.
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