Grab Posts $75M Net Profit in FY2024, Margins Turn Positive
First full-year IFRS net profit driven by segment-adjusted EBITDA growth and cost discipline.
By Daniel Cheung·March 24, 2026·4 min readOrionmano Industries
First full-year IFRS net profit driven by segment-adjusted EBITDA growth and cost discipline.
Financial Overview: First Full-Year IFRS Profit
Grab Holdings achieved its first full-year IFRS net profit of USD 75 million in FY2024, translating to a profit-after-tax (PAT) margin of 2.7%. The milestone marks a decisive shift from prior-year losses and signals that Southeast Asia's largest on-demand platform has reached sustainable profitability at the statutory reporting level.
Total revenue for FY2024 reached approximately USD 2.79 billion, up from USD 2.36 billion in FY2023. Revenue was diversified across three core segments: Deliveries generated USD 1.49 billion, Mobility contributed USD 1.05 billion, and Financial Services added USD 253 million. The Deliveries and Mobility segments together accounted for 91% of total revenue, underscoring the platform's dual-engine growth model.
The IFRS net profit of USD 75 million compares with a net loss of USD 434 million in FY2023, a swing of USD 509 million. The improvement was driven by top-line growth, improving unit economics, and disciplined cost management across business units. Regional corporate costs, which totaled USD 350 million in FY2024, remained under control relative to revenue growth.
Segment Profitability: Mobility and Deliveries Drive Gains
Total segment-adjusted EBITDA for FY2024 reached USD 663 million, nearly double the USD 376 million recorded in FY2023. This aggregate figure, which excludes regional corporate costs and certain non-operating items, provides a transparent view of operational profitability across Grab's business lines.
Mobility was the largest profit contributor by a wide margin, generating USD 569 million in segment-adjusted EBITDA. The rides-hailing business benefited from higher on-demand gross merchandise value (GMV), which grew 22.5% year-over-year to USD 6.64 billion. Deliveries followed with USD 196 million in segment-adjusted EBITDA, up 141% year-over-year, driven by a 13.1% increase in GMV to USD 11.72 billion and product improvements such as Saver Transport Rides and Priority Deliveries.
Financial Services remained a drag on segment profitability, posting negative USD 105 million in adjusted EBITDA. While the segment's revenue grew to USD 253 million, investments in GrabFin and the digital banking business in Singapore and Indonesia continue to weigh on near-term profitability. Other segments contributed a nominal USD 3 million.
Exhibit
Grab Segment Adjusted EBITDA in FY2024 (USD millions)
Mobility and Deliveries generated positive EBITDA; Financial Services remained a drag.
Non-IFRS Metrics: Adjusted EBITDA and Free Cash Flow
Grab's non-IFRS profitability measures reinforced the statutory profit narrative. Full-year adjusted EBITDA came in at USD 313 million, at the upper end of the company's upgraded guidance range and a reversal from negative USD 22 million in FY2023. The adjusted EBITDA margin, calculated against revenue, reached approximately 11.2%.
The company also achieved its first full year of positive adjusted free cash flow, recording USD 136 million in FY2024. This represented a USD 370 million improvement year-over-year, driven by higher cash from operations of USD 910 million. Key working capital inflows included a USD 843 million increase in deposits from customers in the banking business, partially offset by a USD 276 million increase in loan receivables in the financial services segment.
To arrive at adjusted EBIDTA, Grab excluded restructuring costs of USD 14 million and legal, tax, and regulatory settlement provisions of USD 54 million. The restructuring charges relate to workforce and operational realignment initiatives, while the settlement provisions stem from ongoing regulatory engagements across Grab's markets.
Cash and cash equivalents stood at USD 2.96 billion as of December 31, 2024, down slightly from USD 3.14 billion a year earlier. Total assets were USD 9.30 billion against total equity of USD 6.35 billion, with a total debt-to-equity ratio of 23.6%.
Outlook
Management expects to maintain On-Demand GMV growth momentum in FY2025 and continue driving Adjusted EBITDA and Adjusted Free Cash Flow expansion, while remaining disciplined on cash usage. Early indicators from FY2025 appear encouraging: Trailing-twelve-month Deliveries revenue reached USD 1.90 billion and Mobility revenue reached USD 1.27 billion as of the March 2026 interim period, suggesting sustained growth. The company's trailing P/E multiple of 61.0x and forward P/E of 39.8x reflect market expectations of continued margin expansion.
However, risks remain. The Financial Services segment's negative adjusted EBITDA, while narrowing, will need to demonstrate a path to breakeven. Regulatory and tax settlement provisions, which totaled USD 44 million in Q4 2024 alone, could recur. And competition from regional and global players in ride-hailing and food delivery continues to exert pricing pressure.
Nevertheless, Grab's first full-year IFRS profit represents a structural inflection point. The company has demonstrated that its ecosystem model can generate both growth and statutory profitability—a combination that has eluded many Southeast Asian technology platforms.