PETALING JAYA: Carsome Group Inc stated its earnings before interest, taxes, depreciation and amortisation (Ebitda) grew threefold in the third quarter of financial year 2024 (3Q24), driven by stronger operational performance.
In a statement, the integrated car eCommerce platform stated it made a total revenue of over US$305mil for the quarter amid a 20% decline in the total industry volume for new car sales in September.
Ancillary income for the group rose by 26%, bringing overall gross margins to over 10%.
The strong financial performance reflect business resilience and Carsome predicted its is on a steady path towards its first full profitable year.
“By increasing gross margin while maintaining transaction scale, the group has achieved a 16% increase in gross profit per unit, significantly boosting overall profitability,” stated Carsome in a statement yesterday.
In addition, Carsome has strengthened strategic partnerships and introduced innovative solutions to further reinforce its market position.
Carsome group chief executive officer Eric Cheng said the substantial rise in Ebitda through improved gross margins and continuous ancillary income improvements reflects the group’s effective execution and strategic prioritisation.
As the group has accelerated partnerships with local and regional lenders, it was noted to have increased funding pipeline by over 34%, with newly secured facilities from both existing and new partners.
“Accelerating banking partnerships also sets us the foundation to deliver profitable growth, which is our next milestone in the journey.
“By continuously focusing on customer needs and delivering greater value, we aim to strengthen our market position and the foundation for sustainable growth,” Cheng stated.
Carsome is South-East Asia’s largest integrated car eCommerce platform with operations across Malaysia, Indonesia, Thailand, Singapore and the Philippines.
Its subsidiary brands include iCar Asia, WapCar, CarTimes and CARSOME Capital.
