Under the harsh conditions of the Covid-19 pandemic, Grab continued to report a loss of up to 815 million USD even though revenue nearly doubled.
Continuously for 3 months from the end of the first quarter to June 30. Grab has continuously reported a net loss of more than $800 million, surpassing a net loss of $718 million compared to the same period in 2020. The increase in revenue to $180 million doesn’t help too much for the calling company. this cult tech car.
The Covid-19 pandemic around the world was the lever that brought Grab’s ride-hailing revenue up 128% to $118 million; the delivery segment increased by 92% (US$45 million); while the financial services segment is modest with a contribution of 6 million USD.
Grab is expected to report group-level adjusted net revenue of $2.1 to $2.2 billion for the full year of 2021 and between $15 and $15.5 billion, a Grab representative said. total value of goods. In April, Grab still predicted $ 2.4 billion and total goods value for 2021 at $ 16.7 billion.
Grab is cautious and cautious about the “risks” of restricting movement and temporarily suspending passenger and cargo transportation activities due to the pandemic. Like in Indonesia or Vietnam recently. The Singapore-based company also predicts some popular markets will extend partial or total closures in an effort to control Covid-19.
“Volume is likely to remain weak in the third quarter as restrictions are put in place, but this will also be more than offset by activity,” said Anthony Tan, chief executive officer of Grab. delivery business”, he said, adding that Grab has an advantage and a strong enough position to capture the recovery and mobility demand once the restrictive measures of the markets are “dilated”.
The Grab CEO is also optimistic that the vaccination rate of Grab’s driver community is much higher than the vaccination rate of the population in the countries where the company operates. As in Singapore, 92% of Grab drivers have received at least one dose while as of September 11, there was an average of 84% of the population in Grab markets receiving injection 1.
As of the end of June, Grab had total outstanding loans of $2.1 billion out of total assets of $5.7 billion. The second quarter results were announced before Grab was about to launch in the US. The IPO method will be through a SPAC (Special Purpose Acquisition) Company called Altimeter Growth. The merger is expected to be worth about $39.6 billion and, if there are no major surprises, will be completed in the fourth quarter.
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