Carsome Announces First Full Year Of Profitability

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Carsome said the company maintained a stable topline while enabling profitability in FY2024.
PETALING JAYA: Carsome Group has marked its first full year of profitability since its inception in 2015.
Carsome, Southeast Asia’s largest integrated car e-commerce platform, said today it recorded US$10.5 million (RM46.4 million) in adjusted earnings before interest, taxes, depreciation, and amortisation for the 2024 financial year.
“Achieving full-year profitability is a defining milestone for Carsome as we enter our 10th year, demonstrating the strength of our business model and our ability to generate sustainable shareholder value,” said Carsome’s co-founder and Group CEO, Eric Cheng, in a statement.
“We look forward to continuing this momentum into 2025. With stronger profitability, we will further invest into our ecosystem and work with our financial partners to make vehicle ownership more accessible for everyone.”
Carsome said it continues to see improvements in its unit economics and recorded a 25% year-on-year growth in gross profit per unit in FY2024.
It said this strong growth was driven by higher metal margins, greater monetisation of platform services, growth in ancillary services revenue, and lower refurbishment and logistics costs.
Carsome said it is building on its partnership with AmBank Group in 2024 by strengthening its ties with various financial institutions.
Last July, Carsome secured a RM100 million financing facility from AmBank Group to expand its liquidity and bolster its capacity for future growth.
Carsome said its upcoming collaboration with Japan Consumer Credit Service Co Ltd. (JACCS) will ensure additional financing for the group’s retail consumer and dealer financing business, unlocking the full potential of its ancillary business to reach underserved segments.
Carsome, which has operations across Malaysia, Indonesia, Thailand, Singapore and the Philippines, aims to digitise the region’s used-car industry by reshaping the car transaction and ownership experience. - FMT

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