Line Man maintains revenue growth amid Grab’s dominance

IN FOCUS

In today’s newsletter, we look at:

• Line Man’s financial results for 2022
• Lazada’s moves following TikTok Shop’s closure in Indonesia
• Tada parent firm MVL nearing its profitability milestone

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Hi there,

I use food delivery apps almost every day. However, I don’t have a single go-to app – usually, I compare prices before making a choice.

In Thailand, GrabFood seems to be the preferred option for most consumers, with a 51% market share in 2022, according to research firm Momentum Works.

Nevertheless, local player Line Man Wongnai refuses to be left behind. Despite having a market share of only 24% in 2022, the firm managed to grow its revenue to US$321 million that year, up by 51.5% from 2021. Its EBIT losses also improved slightly to US$108.4 million last year.

In this week’s Big Story, my colleague Miguel dissects Line Man’s financial results for 2022, including its revenue sources, expenses, and cash flow.

Meanwhile, I analyze Lazada’s strategy to waive all fees for live sales and new sellers in Indonesia after the closure of TikTok Shop in the country. Can Lazada leverage this momentum to bounce back?

More details below.

— Jofie

THE BIG STORY

Line Man posts 52% increase in 2022 revenue, EBIT losses improve

Image credit: Timmy Loen

Line Man’s recent acquisitions of Rabbit Line Pay and FoodStory may diversify its revenue mix beyond food delivery in the coming years.

THE HOT TAKE

NEWS YOU SHOULD KNOW

FYI