Ride-hailing and delivery giant Grab Holdings has reported a substantial increase in sales and earnings for the third quarter despite rising fuel prices and other headwinds.

Revenue for the quarter ended September 30 jumped 27 per cent on a reported basis to US$1.1 billion. On-demand GMV grew 18 per cent to $6.8 billion.

The growth was driven by improvement across all core segments. Deliveries revenue surged 21 per cent, primarily driven by food and groceries GMV expansion.

Mobility revenue grew 10 per cent, underpinned by increases in GMV and continued expansion of monthly users and transactions. Financial services revenue increased 124 per cent.

“We delivered a record 57 million monthly transacting users on our platform this quarter, despite the elevated fuel prices and macroeconomic headwinds across the region,” said Anthony Tan, group CEO and co-founder of Grab.

“Our scale and network efficiencies enable us to make our services more affordable for users, and improve earnings opportunities for our driver- and merchant-partners through our proprietary AI-powered tools and access to financing.”

Tan noted that Southeast Asia continued to be one of the fastest-growing markets globally, but the region remains under-penetrated.  

“We will accelerate our cross-platform strategy to capture this opportunity and drive durable, profitable growth for Grab,” he added.

On the bottom line, adjusted EBITDA grew 73 per cent to a record $237 million.

The company has lifted its outlook for the full year, expecting revenue to increase 23-25 per cent, compared to the prior guidance range of 22-23 per cent.