In February, investors in Grab breathed a collective sigh of relief. As the pre-eminent digital technology and ride-hailing company in South-east Asia, Grab finally posted a profit of US$11 million (S$14.8 million) in the fourth quarter of 2023, a substantial improvement from the US$391 million loss recorded in the same quarter in 2022.

Grab’s profits were driven in part by deliveries, which grew 13 per cent year on year, said chief financial officer Peter Oey. More generally, since its inception in 2012, Grab has largely prioritised growth over profitability, though of late, the company has exercised prudence with costs, given economic headwinds.