Miguel Cordon · · 2 min readGrabRentals drives home $90m in revenue as earnings grow 73% in FYE 2022
Photo credit: Shutterstock / Angie Yoh
GrabRentals, the Singapore-based tech giant’s private-hire car rental arm, has generated US$89.8 million in revenue for the financial year ended (FYE) 2022, according to VentureCap Insights, which tracks regulatory filings in the city-state.
This represents a 17% jump from the previous year and marks a new all-time high for the company. According to the filing, all of the revenue is derived from Singapore.
At the same time, the company registered US$15 million in earnings before interest and taxes – a 73% leap from the 2021 financial year. This comes as the company slashed its finance costs by almost half to about US$2.5 million.
Grab as a whole recorded US$1.43 billion for the full year ended December 31, 2022. It also posted US$793 million in adjusted EBITDA losses, narrowing by 6%.
Tech in Asia has reached out to Grab for comments on its rental business.
Through GrabRentals, the company also offers a car-sharing program, allowing two hirers to rent one car at a lower cost. It also offers a car ownership scheme, offering an alternative to car loans for prospective buyers.
Recently, Grab confirmed its full acquisition of Trans-Cab, Singapore’s third-largest taxi operator, through GrabRentals. The deal would give Grab access to the acquired firm’s roughly 2,200 taxis, 300 private-hire vehicles, as well as its maintenance workshops and fuel pumps.
See also: Does combining Grab with asset-heavy Trans-cab make sense?
Editing by Miguel Cordon and Dhania Putri Sarahtika
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
