...February 27, 2023 SINGAPORE (S&P Global Ratings) Feb. 27, 2023--Grab Holdings Ltd. is on course for positive profitability and cash flow by 2024-2025. The Singapore-based company continues to expand scale while maintaining cost discipline. Grab (B-/Stable/--) reported 2022 operational results that slightly beat our estimates. Cash burn for the provider of transportation, delivery, and payments solutions was also lower than our expectation. The company had a year-end cash balance of US$5.1 billion (versus US$8.2 billion in 2021). This was in line with our expectation. 2023 top-line growth should be robust, amid rising gross merchandize value and controlled consumer incentives. We expect losses to get smaller, as Grab focuses on cutting costs and maintains disciplined spending. A sizable cash balance will support Grab's operations while its EBITDA remains negative. The company has brought forward its profitability goals to the fourth quarter of 2023, from the second half of 2024. We continue...
