Singapore’s Grab Holdings had a strong start to the new fiscal year, with first-quarter revenue and earnings recording double-digit growth driven by resilient demand.

The company’s revenue for the quarter ended March 31 grew 24 per cent to US$955 million (up 19 per cent on a constant currency basis).

On-demand gross merchandise value, which reflects transactions from Grab’s mobility and delivery segments, soared 24 per cent on a reported basis and 21 per cent on a constant currency basis.

Adjusted EBITDA jumped 46 per cent to a record $154 million. Profit rose from $10 million in the prior year period to $120 million.

“Our results demonstrate the resilience of our platform, especially as Southeast Asia navigates an uncertain macroeconomic environment from the fuel crisis,” said Anthony Tan, group CEO and co-founder of Grab. 

The company noted that its on-demand incentives increased during the quarter, as it worked to support driver-partners’ earnings in light of higher fuel costs across the region, as well as to meet festive demand.

By segment, delivery revenue surged 23 per cent to $510 million, and mobility revenue rose 19 per cent to $337 million. Financial services revenue increased 43 per cent to $107 million.

For the full year, Grab continues to expect revenue of $4.04 billion to $4.10 billion, representing a 20-22 per cent increase. Adjusted EBITDA is expected to grow 40-44 per cent.

“As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities – leaning deeply into AI to outserve our users with hyper-personalised experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners,” added Tan.

Earlier this year, Grab agreed to buy Delivery Hero’s Foodpanda delivery business in Taiwan for $600 million, marking its first expansion outside of Southeast Asia.