Singapore-based superapp Grab Holdings Limited has on Monday raised its full year revenue forecast following its improved revenue in the third quarter.

The firm said in a statement that its has raised its annual revenue projection to $2.76 billion to $2.78 billion, from $2.7 billion to $2.75 billion. The new revenue projection signals an annual growth of 17 percent to 18 percent.

The firm’s revenue for the third quarter grew 17 percent year-over-year, or 20 percent on a constant currency basis to $716 million.

The firm’s on-demand gross merchandise value (GMV) grew 15 percent year-over-year, or 18 percent on a constant currency basis to $4.7 billion.

The firm’s profit for the quarter was positive at $15 million. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also improved by $62 million year-over-year to an all-time high of $90 million.

The firm has also revised up its adjusted EBITDA to $308 million to $313 million, from $250 million to $270 million previously.

The firm also achieved operating cash flow of $338 million in the third quarter, and adjusted free cash flow of $76 million on a trailing 12-month basis.

“Third quarter 2024 was a strong quarter for us as investments we made across the business drove an acceleration of our on-demand GMV growth,

“We are serving more users than ever before, with 42 million monthly transacting users on our platform,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.

“We remain bullish on the long-term growth outlook of Southeast Asia, and are firing on all cylinders to capture the strong user demand trends, improve income opportunities for our ecosystem partners, and drive tech-led innovations to enhance the efficiency of our marketplace,” he added.

Peter Oey, Chief Financial Officer of Grab, said they delivered their eleventh consecutive quarter of adjusted EBITDA improvement, their second positive profit for the quarter, and the highest quarterly adjusted free cash flow to date for the business during the quarter.

“With the strong momentum we are seeing across the business heading into the end of the year, we expect to deliver sequential on-demand GMV growth in the fourth quarter and are raising our full year 2024 group revenue and group adjusted EBITDA outlook,” he added.

Meanwhile, the firm’s deliveries revenue grew 13 percent year on year, or 16 percent year on year on a constant currency basis, to $380 million in the third quarter from $335 million in the prior year period, amid strong GMV growth.

Deliveries GMV grew 12 percent year on year, or 16 percent year on year on a constant currency basis, to $2.97 billion in the third quarter of 2024.

This represents a growth reacceleration compared to the second quarter, driven by increases in transaction volumes and deliveries monthly transacting users (MTUs).

The firm’s mobility revenues continued to grow strongly, rising 17 percent year on year or 20 percent year on year on a constant currency basis in the third quarter of 2024, driven by GMV growth.

Mobility GMV increased 20 percent year on year, or 24 percent year on year on a constant currency basis, to $1.69 billion during the quarter.

The strong growth was driven by mobility MTUs which grew 23 percent year on year and average mobility transactions per MTU which increased 7 percent year on year.

Revenue for the firm’s financial services also grew 34 percent year on year, or 38 percent year on year on a constant currency basis, to $64 million in the third quarter of 2024.

The year on year growth was driven by increased contributions from GrabFin’s lending business, new contributions from its digital bank, and optimization of payment incentives.

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