As publicly traded travel companies continue to report their second quarter and full-year 2022 earnings, we round up the latest reports.
Grab
Super app Grab has reported record revenue of $321 million for the second quarter of 2022.
The company says the figure represents a 79% hike year-on-year.
Gross margin value (GMV) for the Singapore-based company was $5 billion, up 30% on Q2 2021.
Grab improved losses to $572 million, a 29% improvement on the same period in 2021, while adjusted EBITDA was a loss of $233 million for the quarter versus $214 year-on-year.
GMV for the mobility segment increased 51% year-on-year to approximately $1 billion, while revenue increased 37% year-on-year to $161 million.
Anthony Tan, co-founder and group chief executive, says: “Our second quarter results showed that we can grow sustainably. We delivered strong revenue and GMV growth, while improving our unit economics and strengthening our category leadership position across key segments in the region. Our deliveries segment continued to grow, despite tougher year-on-year comparisons and as dine-out trends moderated food delivery demand.
“Looking ahead, we are laser focused on accelerating our path to profitability. We will get there by doubling down on product innovation that increases user engagement and reduces our cost-to-serve and focusing on growing high-quality transactions on our platform.”
Grab is lowering its GMV estimates to between 21% and 25% for 2022 from its previous estimate of from 30% to 35%. It expects revenue for the full year to be from $1.25 to $1.3 billion.
In June, the company launched a mapping solution called GrabMaps, which it says it hopes to offer as a B2B solution going forward.
Flight Centre Travel Group
Flight Centre Travel Group (FCTG) says total transaction value for its corporate segment has exceeded pre-COVID levels six months earlier than anticipated.
Reporting its results for full-year 2022, the Australia-based company saw improvements across both its leisure and corporate segments
FCTG says total transaction value for fiscal year 2022 was £5.9 billion, up 162% on 2021’s figure.
Revenue for the company, which includes the FCM, Corporate Traveller and Topdeck brands, increased 154% to £500 million while EBITDA was a loss of £108 million, an improvement of 46% on fiscal year 2021.
Overall the company made a pre-tax loss of £213 million compared to a loss of £299 million for full-year 2021.
FCTG says the improvement was driven by sales growth following the lifting of international and domestic travel restrictions.
It adds that all geographic regions and business segments returned to profit in the fourth quarter except Asia, with its leisure business delivering a profit of £6 million for the three months.
The company says it is in a good position entering fiscal year 2023 but does not anticipate full industry recovery in the period.
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CEO Graham Turner says: “After two years of unprecedented disruption to normal global travel patterns and other everyday activities, we are pleased to start FY23 with a considerably brighter outlook.
“Travel demand has recovered rapidly since most governments globally removed or relaxed border restrictions and we have started the fiscal year with strong momentum.
“Our corporate business is again outperforming, returning to gross pre-COVID TTV levels ahead of schedule and securing another strong pipeline of account wins to drive future growth.
“In the leisure sector we are generally gaining share in our core markets, increasing productivity and capturing more sales through highly scalable channels and models.”
Swvl
Mass transit platform Swvl has reported its second quarter and half-year results for 2022.
Revenue for the company came in at $41 million, which it says represents a more than threefold growth on half-year 2021 revenue.
Revenue for the quarter was $23 million, more than double that of the first quarter of 2022, according to Swvl.
Total ticket fares for the company, which went public via a business combination with Queens Gambit Growth Capital earlier this year, were $56 million for the first six months of the year, with total bookings hitting 40 million for the same period.
For the second quarter of 2022, total ticket fares amounted to $29 million, a threefold growth year-on-year, and total bookings were 23 million, 3.5 times greater than Q2 2021.
Youssef Salem, Swvl CFO, says: "The first half of 2022 marked several important milestones for us including growing 3.7x and 3.2x on total bookings and revenue, respectively, as compared to the first half of 2021. We also completed multiple strategic steps including organic SaaS launches in Kuwait and Brazil and acquisitions of Urbvan, Volt Lines and Door2Door as we continue to expand our highest profitability segments in alignment with Swvl's portfolio optimization program which we believe will lead to us turning cash flow positive in 2023."
The company also recently reported a private share placement with a U.S. institutional investor which will result in gross proceeds of $20 million. A further $30 million could be reaped if the investor exercises its right to purchase further shares.
Earlier this month, plans for Swvl to acquire smart bus platform Zeelo were called off. According to U.K.-based Zeelo, all pre-market completion obligations were met, but following financial market volatility, “Swvl and Zeelo mutually agreed to terminate the planned transaction.”