Carsome hits first Ebitda positive quarter in Q1 2024

CARSOME, a Malaysia-headquartered used-car marketplace, hit quarterly positive Ebitda for the first time in Q1 2024, the company said. It did not disclose hard numbers, but it partly attributed the development to a “significant” improvement in gross profit per unit, which rose 48 per cent year on year.

“While we are on track to achieve the group’s first full-year profitability this year, we are also continuing our long-term vision of driving profitable growth and extending our leadership in the region and the industry,” co-founder and CEO Eric Cheng said, adding that the untapped potential in Carsome’s market is “immense”.

The firm also said it has sold more than 500,000 cars since its 2015 founding, with 150,000 of them sold last year. Meanwhile, revenues from Carsome Capital surged by over 80 per cent in 2023, marking the second year in a row of net profits for Carsome’s financing and insurance arm.