Analysis of GRAB Segmental Results

If you look at each segment's adjusted EBITDA, you will noticed that mobility segment has a positive EBITDA. Infact it is seeing Qtr to Qtr growth in EBITDA.

The delivery segment has negative EBITDA but it is expected to turn around much faster than expected.

The financial services segment has a negative EBITDA, increasing on a year on year basis. Given that they are planning to roll out the digital bank in 2H 2022, the losses and negative EBITDA is expected.

If investors want GRAB to be profitable, they could possibly achieve it by cutting off the delivery and financial services segment. But if think the biggest value creation is in the financial services, then in fact you should expect to see the losses incurred the financial services segment as these are money spent on a potentially lucrative growth assets that have yet to be monetise in the immediate term, which could potentially be a very lucrative and valuable assets for the foreseeable future.