Published
Oct. 23, 2024
Region
Asia
client
Oceanthemes
Ryde Reports First Half 2024 Results, Positions for Accelerate Growth
Ryde Group Ltd Reports First Half 2024 Results and Strategic Growth Initiatives
R
Ryde Group Ltd (NYSE American: RYDE), a leading technology platform for mobility and quick commerce based in Singapore, has announced its financial results for the first half of 2024, highlighting strategic moves and operational improvements.
Financial Highlights
Revenue: S$4.4 million (US$3.2 million), down from S$5.2 million in 1H 2023
Adjusted EBITDA: Improved by 20%, with deficit narrowing to S$1.6 million (US$1.2 million)
The revenue decrease is attributed to the implementation of a 0% commission model in January 2024, a strategic decision aimed at attracting more drivers and fostering long-term growth.
Key Milestones
- NYSE American Listing: In March 2024, Ryde became the first Singapore-based ride-hailing start-up to list on the NYSE American1.
- AI-Powered App Redesign: May 2024 saw significant improvements to the user interface, incorporating AI and current design trends1.
- European Stock Exchange Listings: In June 2024, Ryde completed secondary listings on the Frankfurt (FSE) and Stuttgart (XSTU) Stock Exchanges under the symbol D0S1.
- Healthcare Partnership: Ryde partnered with a leading Singapore telehealth provider in June 2024, offering affordable healthcare services to driver-partners and their families
Strategic Focus
Terence Zou, Ryde’s Founder and CEO, emphasized the company’s strategic investments and transformation during this period. The 0% commission model and focus on building a fairer platform are expected to create a sustainable competitive advantage and position Ryde for accelerated growth.
Ryde’s commitment to empowering private-hire and taxi partners by taking 0% commission ensures that drivers retain more of their earnings, setting the company apart in the mobility sector.
As Ryde continues to evolve and expand its services, including carpooling, private hire, taxi, and delivery, the company remains confident in its ability to grow and deliver value to shareholders while reimagining urban mobility.
