«Jarab» Records First-Ever Profit in Its History

The company “Grab” recorded its first ever profitable quarter, achieving profits of $11 million, as reported by the giant ride-hailing service company in Southeast Asia in its fourth-quarter earnings report on Thursday.

This compares to a loss of $391 million recorded in the same period last year.

The company stated that this support primarily stems from improvements in adjusted profits, before taking into account interest, taxes, depreciation, and amortization, as well as changes in fair value of investments, and decreased stock-based compensation expenses.

The revenues for the fourth quarter of 2023 reached around 653 million dollars, exceeding the estimates of analysts from the “LC AG” platform, which were 634.86 million dollars.

The total losses in 2023 amounted to 485 million dollars, a decrease of 72% from 1.74 billion dollars the previous year.

In addition to passenger transportation services, the company also provides financial services such as payments and insurance, as well as delivery of food, groceries, and packages.