Grab, a Malaysian company specializing in logistics and delivery services has reported its first profitable quarter.

In the last three months of 2023, the revenue of the mentioned firm listed on Nasdaq amounted to $653 million. This indicator showed an increase of 30% year-on-year. For the fourth quarter of 2022, the company’s revenue amounted to $502 million. Moreover, the result for the last three months of 2023 exceeded analysts’ forecasts, which expected the mentioned figure to be fixed at $638.6 million.

The revenue growth of the logistics service provider is due to an improvement in the state of affairs in terms of performance criteria in all segments of the brand’s business. Moreover, in this case, the factor of impact was the reduction of incentive measures. Incentives for the fourth quarter of last year were reduced to 7.3% of the gross merchandise value. For the same period in 2022, the corresponding figure was 8.2%.

The adjusted earnings of Grab before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter of last year was $35 million. This result indicates a recovery compared to a negative firm-adjusted EBITDA of $111 million for the same period in 2022.

The profit was driven by an improvement in adjusted EBITDA. Also, in this case, significant factors were changes in the fair value of investments and a decrease in share-based compensation expenses. The cancellation of accounting accruals aided the company achieve a profitable level.

Share-based compensation expenses decreased to $66 million in the fourth quarter of 2023. A year earlier, this figure was $90 million.

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