Carsome announces most successful quarter with over US$310mil revenue in 2Q2024, new financing line from Maybank

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  • Revenue grew 9 % QoQ &nbsp, with over 3x EBITDA jump, GPU up by over 5 %
  • Push secondary business, particularly Carsome Capital with&nbsp, working funds ranges from banks

Carsome has just added a new working capital facility from Maybank to add to the RM100 million facility it got from AmBank in July. While it has not disclosed the amount yet, it is believed to be more than RM100 million.

The most profitable quarter to date for CARSOME Group Inc., the largest included car e-commerce platform in Southeast Asia, announced another significant step in the direction of its much-anticipated future IPO.

According to the company, in 2Q2024, it maintained a leadership position with about 35, 000 vehicles traded ( includes cars sold through Carsome&nbsp, via retail and B2B&nbsp, and CarTimes in Singapore ) and claimed it grew revenue by 9 % quarter-on-quarter ( QoQ ) to above US$ 310 million ( RM1.3 billion ). The EBITDA increased over 3x Ruler, and the gross margin increased by over 10 %. Despite the challenging macroeconomic environment, this continues the profitable development speed that Carsome first demonstrated in December 2023.

In line with the strong results, Carsome announced various new financing partnerships, such as with Ambank Group ( announced in July ) and Maybank ( not officially announced yet ), which will provide over US$ 46.17 million ( RM200 million ) in new working capital lines to support Carsome’s expansion plans. Carsome intends to utilize its market-leading level to promote its financing, plan, aftersales, and another auxiliary offerings to provide its dealers and customers with a complete one-stop option.

Carsome announces most successful quarter with over US$310mil revenue in 2Q2024, new financing line from MaybankEric Cheng ( pic ), Carsome’s co-founder, chairman and Group CEO, said,” This quarter’s results are a continuation of our profitable growth strategy. Our GPU ( Gross Profit per Unit ) is up by more than 5 % QoQ, even as customer acquisition costs continue to come down significantly, which is a testament to our strong execution, our value proposition, and our brand equity. We will remain on the right track to record-setting time. He cited the benefits of Carsome Capital’s support for expanding its secondary products, particularly Carsome Capital.

With NPL below 2 % for retail and 0.1 % for wholesale ( referring to B2B), we have established a strong operational track record. We are well positioned to utilize our magnitude to develop this business more thanks to the extra funding support and our demonstrated capabilities. This will keep Carsome top-of-mind as we better serve both current and new customers throughout the duration of their car ownership trip.