PETALING JAYA: Carsome Group Inc, has recorded an adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) profit of US$10mil for its financial year 2024 (FY24) powered by stronger margins and cost discipline.
The profit was attributed to topline stability and improvements in its unit economics, leading to a 25% year-on-year growth in gross profit per unit. The is was driven by stronger metal margins, greater monetisation of platform services, growth in ancillary services revenue and lower refurbishment and logistics costs.
In a release, the region’s leading online car trading platform noted that FY24 also marked the group’s first full year of profitability since its inception and its sustained profitability since its initial achievement in December 2023.
"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.
"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’s co-founder and group chief executive officer, Eric Cheng said.
