Singapore's Grab lifts annual profit target on strong demand

SINGAPORE -- Singapore-based Grab Holdings now expects its first annual profit on an adjusted basis to be larger than originally forecast as international travelers across Southeast Asia in the first quarter proved voracious users of its ride-hailing service.

The Nasdaq-listed tech group on Thursday lifted its profit outlook this year to between $250 million and $270 million on an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) basis, up from the previous $180 million to $200 million profit guidance and reversing the $22 million loss in 2023.