Carro, myTukar’s parent company recorded its highest EBITDA of over US$4 million for the month of June and exceeded profitability targets for Q1 FY2024, despite a seasonally weaker quarter given the Hari Raya, Lebaran and Songkran holidays across the region.
Its Q1 FY2024 Gross Profit Margins increased to 14%, well ahead of FY2023’s Gross Profit Margins of 9%. EBITDA is now at an annualised run-rate of over US$50 million, more than 10 times what it achieved for the entire FY2023. Aaron Tan, co-founder and CEO of Carro says, “Our focus on fundamentals and our reluctance to enter into subsidy wars has enabled us to deliver four quarters of positive EBITDA.
The strong execution of our digital ecosystem-led business model has made our business fundamentally stronger and more resilient, with significant ‘sticky’ recurring ancillary income streams. Ancillary attachment rates are going up as we focus more on our platform flywheel. The investment from Jardine C&C will help us drive even more earnings growth, particularly from aftersales.
The group said it expects explosive earnings growth in the near term and claims to be one of the very few profitable tech start-ups, not just in Asia, but globally.
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