Line Man’s revenue is an upward line

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Hello reader,

I’ve been a GrabFood user for a couple of years and settled into a steady habit of using it about once a week. The main reason I use it is so I can access a wider variety of food. After all, eating from the same coffee shop across my house does get stale after a while.

However, it’s never occurred to me that while I seek variety in my orders, the same can’t be said of the food delivery apps I use. Grab has always been my go-to, even though other options like Foodpanda and Deliveroo exist.

While reading today’s story, I got curious about the market share of these services in Singapore and discovered that Grab has a solid lead over the other two major players. You can check out the stats here.

In Thailand, however, it’s a different story. The star of the show is Line Man Wongnai, which posted a 20% increase in revenue for 2023. Could this, along with other improvements, help solidify its lead in the country’s food delivery market?

Today we look at:

• Line Man Wongnai’s financial figures for 2023
• The Philippines’ moves to become a chip giant
• Other newsy highlights such as Grab’s new task force in Thailand and a Japanese proptech firm’s US$19 million fundraise

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You’re the man

It must be nice for Line Man Wongnai to see things coming together. After all, improving a business often takes more than a single concerted effort, with progress on many different fronts. Let’s see how its 2023 numbers reflect that.

• Going up, going down: The Thai platform’s revenue for 2023 stood at US$384 million, a 20% increase from the year before. Meanwhile, it narrowed losses by almost 85% to US$16.6 million.
• Snatching the lead: The revenue growth was driven by an increase in food delivery transactions in the country. The firm also leads Thailand’s food delivery sector, holding a 44% market share to Grab’s 40%.
• Staying disciplined: Even though it’s been expanding, Line Man Wongnai managed to reduce expenses by 4% year on year to US$410 million. However, administrative expenses rose nearly 35% to reach US$42.6 million.

Read more: Line Man Wongnai serves 20% revenue boost in 2023 as losses trim

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