Southeast Asian ride-hailing and delivery specialist Grab reported stronger profit in the second quarter, driven by strong performance in its on-demand and financial-services businesses.

The Nasdaq-listed company on Tuesday posted net profit of $235 million, up from profit of $20 million in the year-ago period.

Analysts had expected net profit of $67.6 million, according to a Visible Alpha consensus.

Revenue rose 22% to $997 million.

Adjusted earnings before interest, taxes, depreciation, and amortization rose 54% to $168 million for the three months ended June.

Grab also announced a $750 million share repurchase program, bringing its cumulative buyback authorization since 2024 to $1.75 billion.

The company also raised its annual adjusted Ebitda forecast to between $720 million and $740 million from $700 million to $720 million.