What drove GRAB's earnings growth in 2024?

Grab Holdings Inc. (GRAB) experienced a net income of -$158 million in 2024, reflecting a significant decline from the previous year's net income of $0.67. The primary factors influencing GRAB's earnings trajectory in 2024 are as follows:

1. **Revenue Growth**: Grab's revenue increased by 17% year-over-year to $2.76 billion - $2.78 billion, up from the previous year's $2.35 billion. This growth was driven by strong performance across its segments, including a 16% increase in the Mobility segment's revenue and a 9% increase in the Deliveries segment's revenue.
2. **Cost Management**: Grab demonstrated improved cost discipline, with regional corporate costs declining by 14% year-on-year. This cost control was a key factor in the company's ability to narrow its adjusted EBITDA losses to negative $24 million in Q2 2024, compared to a loss of negative $33 million in the same period the previous year.
3. **Operating Efficiency**: The company's operational efficiencies improved significantly, as evidenced by the record high Adjusted EBITDA of $90 million in Q3 2024, up from $26 million in the same period the previous year. This improvement was due to enhanced cost management and increased profitability in both the Mobility and Deliveries segments.
4. **Financial Services Performance**: Grab's Financial Services segment showed strong performance, with adjusted free cash flow of $36 million in Q2 2024 and a positive net cash from operating activities of $272 million, an improvement of $323 million year-on-year.
5. **Market Expansion**: Grab's expansion into new markets and products, such as the launch of Superbank in Indonesia, contributed to its revenue growth. The company also leveraged the network effect, cross-selling its various services, which helped to increase revenue and customer loyalty.

In conclusion, Grab's earnings growth in 2024 was driven by strong revenue growth, improved cost management, enhanced operating efficiency, robust performance in its Financial Services segment, and strategic market expansion. These factors collectively contributed to the company's financial resilience and profitability.