Carsome Group, Southeast Asia’s largest integrated car e-commerce platform, has recorded $10.5 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year 2024, marking the group’s first full year of profitability since its inception and its sustained profitability since initial achievement in December 2023.

The firm said in a statement on Friday that FY2024 was a transformative period where it maintained a stable topline while enabling profitability.

The firm also continues to see improvements in its unit economics, leading to a 25 percent year-on-year growth in gross profit per unit (GPU) in FY2024.

This was driven by stronger metal margins, greater monetization of platform services, growth in ancillary services revenue and lower refurbishment and logistics costs.

In line with the continued profitability, the group further strengthened its partnerships with various financial institutions.

Building on the partnership with AmBank Group in 2024, the group’s 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 the underserved segments.

“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,” said the firm’s Co-founder and Group Chief Executive Officer Eric Cheng.

He added that with stronger profitability, the firm will further invest into its ecosystem and work with its financial partners to make vehicle ownership more accessible for everyone.

Together with subsidiary brands iCar Asia, WapCar, and CarTimes, and Carsome Capital, Carsome provides end-to-end solutions to consumers and used car dealers across the
decision funnel, from car content consumption, car inspection, and ownership transfer to financing and other ancillary services.

The firm currently has operations across Malaysia, Indonesia, Thailand, Singapore, and the Philippines.

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