GrabPay’s Singapore profit rises to $10.85 million

GPay Network, which runs GrabPay in Singapore, earned $10.85 million for the year ended 31 December 2025, up from $9.61 million a year earlier, according to financial statements reviewed by DealStreetAsia

GrabPay’s Singapore operator increased net profit to $10.85 million in 2025 as transaction revenue grew and a tax credit lifted earnings.

GPay Network, which runs GrabPay in Singapore, earned $10.85 million for the year ended 31 December 2025, up from $9.61 million a year earlier, according to financial statements reviewed by DealStreetAsia.

Revenue was largely unchanged at $84.67 million. Gross profit increased to $19.13 million as operating costs dropped to $65.54 million from $70.34 million.

Profit before tax dropped to $6.89 million from $9.61 million, but a $3.87 million deferred tax credit helped lift net earnings.

Transaction revenue jumped to $86.22 million from $74.45 million, accounting for most of the company’s $90.48 million in gross revenue before incentives.

Loyalty programme revenue dropped to $4.26 million from $10.69 million, while customer incentives increased to $5.73 million from $1.94 million.

Incorporated in August 2017, GPay Network provides account issuance, e-money issuance, money transfer and merchant-acquiring services in Singapore.

Despite the higher net profit, operating cash flow swung to a $38.42 million outflow from a $1.86 million inflow a year earlier.

Cash and cash equivalents declined to $29.13 million from $67.55 million.

Amounts due from related companies nearly doubled to $1.01 billion from $516.86 million.

Amounts owed to related companies rose to $1.09 billion from $602.00 million.

GPay Network remained in a net current liability position, although the shortfall narrowed to about $7.75 million from $17.89 million.

Accumulated losses narrowed to $69.02 million after another profitable year. Loans from its immediate and intermediate holding companies stood at $91.10 million.