GrabPay’s Singapore operator increased net profit to S$14 million in 2025 as transaction revenue grew and a tax credit lifted earnings.
GPay Network (S), which runs GrabPay in Singapore, earned S$14 million for the year ended 31 December 2025, up from S$12.4 million a year earlier, according to financial statements reviewed by DealStreetAsia.
Revenue was largely unchanged at S$109.3 million. Gross profit rose to S$24.7 million as operating costs fell to S$84.6 million from S$90.8 million.
Profit before tax declined to S$8.9 million from S$12.4 million, but a S$5 million deferred tax credit helped lift net earnings.
Transaction revenue climbed to S$111.3 million from S$96.1 million, accounting for most of the company’s S$116.8 million in gross revenue before incentives.
Loyalty programme revenue fell to S$5.5 million from S$13.8 million, while customer incentives rose to S$7.4 million from S$2.5 million.
Incorporated in August 2017, GPay Network provides account issuance, e-money issuance, money transfer and merchant-acquiring services in Singapore.
Cash Flow Turns Negative
Despite the higher net profit, operating cash flow swung to a S$49.6 million outflow from a S$2.4 million inflow a year earlier.
Cash and cash equivalents fell to S$37.6 million from S$87.2 million.
Amounts due from related companies nearly doubled to S$1.31 billion from S$667.2 million.
Amounts owed to related companies rose to S$1.41 billion from S$777.1 million.
GPay Network remained in a net current liability position, although the shortfall narrowed to about S$10 million from S$23.1 million.
Accumulated losses narrowed to S$89.1 million after another profitable year. Loans from its immediate and intermediate holding companies stood at S$117.6 million.
Featured image: Edited by Fintech News Singapore, based on images by wahyu_t via Magnific, and Grab
