Nasdaq-listed Grab Holdings (NASDAQ: GRAB) reported third-quarter revenue of $1.11 billion, up 27% year over year, while net profit rose 5.9% to $18 million.

Taiwan's regulatory authorities rejected Grab Holdings' acquisition of Delivery Hero's local business on competition concerns. The chief financial officer of the ride-hailing and food delivery platform said that after the setback in Taiwan, Grab is not opposed to expanding into other overseas markets, but at this stage it will step up efforts to deepen its home market in Southeast Asia.

Grab CFO Peter Oey said in an interview: "M&A of this kind of non-organic expansion carries great uncertainty. So we focus on what we can control, which is organic business growth."

"If suitable opportunities arise in other countries in the future, we will evaluate them. But for now, unfortunately, Taiwan is no longer within our business plans," Oey said.

Entering Taiwan was originally Grab's first attempt to expand beyond Southeast Asia. But last month, Taiwan's market regulator blocked Grab's acquisition of Delivery Hero's local business on competition grounds. Grab needs to record a $60 million termination compensation charge in the fourth quarter. The acquisition had been expected to add at least $60 million in adjusted EBITDA for Grab by 2028.

Even with the deal falling through, Grab on Tuesday reaffirmed its long-term target: reaching $1.7 billion in adjusted EBITDA by 2028. The acquisition of digital finance platform Atome is still progressing, and Oey called it the second-largest deal in Grab's history.

Oey said that growth in the financial services segment and business momentum from rising food delivery demand will offset the performance gap left by the failed Foodpanda acquisition in Taiwan. He said: "We want to win more users for the platform in our Southeast Asian home market."

Nasdaq-listed Grab Holdings reported third-quarter revenue of $1.11 billion, up 27% year over year, with net profit rising 5.9% to $18 million. Driven by improved profitability in its core business, the company raised its full-year adjusted EBITDA guidance from the previous $720 million to $740 million range to $790 million to $800 million.

In the quarter ending in September, its financial services segment achieved positive adjusted EBITDA for the first time. Indonesia's government lowered the commission cap that ride-hailing platforms can charge two-wheeled motorcycle drivers from 20% to 8% in July, and Oey said the company is still in communication with the Indonesian government. He said the policy has not yet hurt profitability, and Indonesia's two-wheeled mobility business accounts for less than 6% of Grab's total mobility business.

Oey also noted that high fuel costs remained a major challenge in the third quarter. Although overall driver income has continued to rise, Grab has been pushing drivers in Southeast Asia to switch to electric vehicles; this quarter, the platform's electric vehicle order volume hit a record high. Oey said: "We will continue to increase related investment. For us and our drivers, this is a longer-term solution."