Forecasts 2023 revenue above estimates, pushes profit target | – #Forecasts #revenue #estimates #pushes #profit #target
Feb 23 (Reuters) – Grab Holdings Ltd ( GRAB.O ), Southeast Asia’s biggest transport and food delivery firm, on Thursday forecast higher revenue for 2023 and said it will focus on consumer services trust has moved forward the profitability graph, hoping that it will continue to do so.
New York-based shares of decade-old Grab, which is popular in eight Southeast Asian countries, gained 6% in premarket trading.
Indonesia’s PT GoTo Gojek Tokopedia Tbk ( GOTO.JK ) and competitors like Uber ( UBER.N ) have benefited from high demand for delivery services during the COVID-19 pandemic, with consumers using the app for daily commutes such as the office. reopened and travel resumed.
The Singapore-based company is now expanding promotions, driver incentives and revamping its cost structure to focus on profitability, while it will implement a number of measures including a hiring freeze, a pay freeze for senior executives and a reduction in travel. expense budgets.
“This sets us up for a strong 2023 as we continue to focus on sustainable growth,” said Chief Financial Officer Peter Oey.
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Still, Grab expects its ride-hailing business to return to pre-pandemic levels by the end of the year.
The company expects its revenue for 2023 to be 2,20-2.30 billion dollars predicted between Analysts expect Grab’s annual sales of 1.97%, according to Refinitiv data billion dollars they expect to organize.
Grab also pushed forward its forecast for group earnings on an adjusted underlying profit, or EBITDA basis, to the fourth quarter of 2023, from its previous target of the second half of 2024.
Grab $275 million to $325 million in interest for the year, tax, predicts losses before depreciation and amortization. 793 million for 2022, a metric closely watched by investors as a measure of profitability. dollars organized.
Grab also nearly quadrupled to $502 million in the fourth quarter, helped by higher demand and lower incentives.
Reporting by Nivedita Balu in Bengaluru; Edited by Sherry Jacob-Phillips
Our standards: Thomson Reuters Trust Principles.
2023-02-23 18:26:56
Source – reuters
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