Press Release: CARSOME Announces Full-Year Profitability in 2024, Powered by Stronger Margins and Cost Disciplines
FY2024 closed with USD 10.5 mil in Adjusted EBITDA
Gross profit continued to grow while maintaining top line scale, lifted by improved unit economics and cost efficiencies
Strengthened partnerships with financial institutions to fuel profitable growth in 2025
Petaling Jaya, 21 March 2025 – CARSOME Group Inc (CARSOME or The Group), Southeast Asia’s largest integrated car e-commerce platform, recorded USD 10.5 mil of adjusted EBITDA for the full year 2024, marking the Group’s first full year of profitability since its inception and its sustained profitability since initial achievement in December 2023.
FY2024 was a transformative period where CARSOME maintained a stable topline while enabling profitability. CARSOME continues to see improvements in its unit economics, leading to a 25% 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.
Eric Cheng, CARSOME’s Co-founder & Group Chief Executive Officer
CARSOME’s Co-founder and Group Chief Executive Officer, Eric Cheng said, "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."
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