Thursday, May 26, 2022
  • Hype
  • Murai
  • Lipstiq
  • Diva
  • Varnam
  • Moviedash
  • Autofreaks
Lowyat.NET
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables
No Result
View All Result
Lowyat.NET
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables
No Result
View All Result
Lowyat.NET
No Result
View All Result
Home E-Hailing

Grab Revenue Surges Back To Pre-COVID 19 Levels; Grew By 70 Percent In 2020

by Sebastian Loh
January 5, 2021
Grab Introduces New Updates Food Delivery Service
41
SHARES
829
VIEWS
Share on FacebookShare on Twitter

The new normal might be something that Grab could get used to. On 4 January, the president of the ride-hailing and food delivery service, Ming-Maa, announced in an emailed newsletter that group revenue has surged back to “well over 100% of pre-COVID 19 levels,” according to Vulcan Post.

He noted that total group net revenue grew by about 70% year-on-year in 2020. The firm also slashed its monthly EBITDA (earnings before interest, tax, depreciation and amortisation) expenditure by roughly 80% over the last 12 months.

The numbers, if they are to be believed, are a significant turnaround for a company that was especially hard-hit by the global pandemic. In April last year, Grab CEO Anthony Tan told investors and partners that the pandemic was the “single biggest crisis” in the company’s history, Bloomberg reported.

Take Malaysia as an example – after the MCO (Movement Control Order) was implemented in March last year, Grab country manager Sean Goh said that demand for its ride-hailing business fell by over 90% (see this Focus Malaysia report which cites Goh’s interview by BFM).

ADVERTISEMENT

But Grab’s attention to its food delivery business has clearly paid dividends. It said its food delivery revenue almost tripled year-on-year in the third quarter of 2020. The company expects it to break even by the end of this year.

Gojek

Grab’s apparent upswing is likely to amp up industry talk about its rumoured merger with Indonesian rival Gojek. Reuters reported that hours after the above-emailed newsletter was released, Grab and one of its subsidiaries sought a five-year loan of US$750 million (~RM3 billion) for general corporate purposes.

(Source: Vulcan Post, Bloomberg, Reuters, Bangkok Post)

Tags: Grabgrab singapore
Updated 10:08 am, Wed, 6 January 21
Back to top
Share16Tweet10SendShare

ADVERTISEMENT

RELATED ARTICLES

grab e-hailing
E-Hailing

Grab: Fare Structure Still The Same, Just Fewer Drivers

by Ikmal Rozlan
May 25, 2022

E-hailing operator Grab Malaysia has responded to the recent public outrage alleging that its prices have significantly increased in recent...

Read more
e-hailing grab airasia
E-Hailing

E-Hailing Firms Free To Set Own Prices, Says Transport Minister

by Ikmal Rozlan
May 24, 2022

With public transport not being the most reliable or convenient as of late, e-hailing is a popular option among city...

Read more
Grab Car e-hailing price fare app
E-Hailing

MOT, APAD Looking Into Reported Spike In E-Hailing Fares

by Heirul Kamel
May 23, 2022

Local e-hailing services caused quite the commotion last week as consumers have lodged complaints regarding increasingly expensive fares for rides,...

Read more
kumpool e-hailing
E-Hailing

Kumpool E-Hailing Bus Adds Routes In Kampung Tunku

by Ikmal Rozlan
May 11, 2022

Kumpool, the bus e-hailing service that recently expanded into Petaling Jaya, is adding routes in the Kampung Tunku constituency. Previously,...

Read more
Load More
No Result
View All Result

TRENDING TODAY

  1. 1
    Transportation

    Proposals For New Klang Valley Highways Approved To Reduce Congestion

  2. 2
    Photography

    Huawei and Leica Partnership Is Officially Over

  3. 3
    Mobile

    Samsung Galaxy A73 5G Review: Pushing The Price Barrier

  4. 4
    E-Hailing

    Grab Revenue Surges Back To Pre-COVID 19 Levels; Grew By 70 Percent In 2020

  5. 5
    Events

    Anyone Can Be A Filmmaker By Joining Samsung’s Short Film Competition!

Lowyat.NET

Consumer Tech News & Reviews Malaysia

NETWORK

  • Hype
  • Murai
  • Lipstiq
  • Diva
  • Varnam
  • Moviedash
  • Autofreaks

ABOUT

  • Advertise
  • Careers
  • Privacy Statement
  • Contact Us
  • Editorial Policy
  • Terms & Conditions

©2022 LOWYAT MEDIA, LLC. ALL RIGHTS RESERVED.

No Result
View All Result
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables

©2022 LOWYAT MEDIA, LLC. ALL RIGHTS RESERVED.

We use cookies to improve your experience. Learn More.