GrabRentals 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?