SINGAPORE (Reuters) -Grab Holdings Ltd, Southeast Asia’s biggest ride-hailing and food delivery firm, expects to break even on its adjusted EBIDTA by the second half of 2024 as it accelerates toward profitability, company officials said on Tuesday.

Its group adjusted EBIDTA loss is expected to be $380 million for the second half of 2022, a 27% improvement compared with the first half of the year.

“Our cash position is not something that we take for granted. We will maintain a prudent stance in how we allocate and deploy our capital with this cash preservation on top of mind,” Chief Financial Officer Peter Oey told analysts on Grab’s first investor day.

Grab, which listed on the Nasdaq in December following a record $40 billion merger with a blank-check company, has been under investor pressure to stem losses from its decade-old business.

(Reporting by Chen Lin, ANshuman Daga, Xinghui Kok; Editing by Kanupriya Kapoor, Christopher Cushing and Kim Coghill)