Grab Holdings, a leading provider of ride-hailing and food delivery services in Southeast Asia, reported a significant increase in profit for the first fiscal quarter, driven by robust consumer demand, including in its financial services segment.

The Nasdaq-listed company announced on Tuesday a net profit of $120 million, a substantial rise compared to the $10 million profit recorded in the same period last year.

Revenue for the quarter ended March grew by 24% to $955 million. Additionally, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 46%, reaching $154 million.

Grab Holdings reaffirmed its full-year 2026 outlook for adjusted EBITDA, maintaining the forecast in the range of $700 million to $720 million.