KUALA LUMPUR (March 21): Carsome Group Inc said it has turned profitable based on its own preferred measure for the first time, and the online used car trading platform looks forward to sustain the growth this year.

Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) came in at US$10.5 million (RM46.4 million) for 2024, Carsome said in a Friday statement. The company noted that the results marked its first full-year of profitability since its inception.

Details of how the Ebitda figure was adjusted were not disclosed, and the company also did not provide other financial information such as revenue in the statement. 

Nonetheless, Carsome said the positive adjusted Ebitda was driven by stronger margins and cost control.

Carsome, backed by international investors including venture capital firm Gobi Partners and Singapore’s sovereign wealth fund Temasek Holdings, said it is looking forward to sustain the momentum in 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,” said Carsome co-founder and chief executive officer Eric Cheng.

Carsome said its unit economics improved further as gross profit per unit grew 25% year-on-year in 2024, driven by stronger metal margins, greater monetisation of platform services, growth in ancillary services revenue, and lower refurbishment and logistics costs.

The company said it is now seeking to strengthen its partnerships with financial institutions.

“Building on the partnership with AmBank Group in 2024, the group’s upcoming collaboration with Japan Consumer Credit Services Co Ltd 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,” it added.