Latest news with #Carsome
New Straits Times
5 days ago
- Automotive
- New Straits Times
Carsome posts record US$5mil profit in Q2
KUALA LUMPUR: Carsome Group Inc., Southeast Asia's largest integrated car e-commerce platform, posted its most profitable quarter to date in the second quarter of 2025 (2Q25), reporting an earnings before interest, taxes, depreciation, and amortisation (EBITDA) of over US$5 million. In a statement today, the company said its gross profit rose 19 per cent year-on-year (YoY), driven by strong performance in both its wholesale and retail segments. It added that continued cost discipline helped maintain operational efficiency. Meanwhile, Carsome said EBITDA for 2Q25 more than quadrupled compared with the same period last year, exceeding gross profit per unit growth, reflecting improved monetisation and productivity. For the first half of 2025 (1H25), it said cumulative EBITDA exceeded US$10 million, a seven-fold increase from the same period in 2024. Carsome group chief executive officer and co-founder Eric Cheng said the company's agile operating model continues to drive market share gains in a rapidly evolving environment. He said that the company remains confident in delivering sustained profitable growth throughout the year, even amid regional macroeconomic uncertainties. Chen added that Carsome views mobility access as a structural need in Southeast Asia, not just a consumer preference. He said that by anchoring the company's solutions in quality assurance and post-sale confidence, it is not only meeting current demand but also cementing their long-term market leadership. "Our newly introduced Carsome Value Plus range is one example of how we are broadening access to reliable vehicles for more market segments.
Business Times
7 days ago
- Business
- Business Times
KAF Digital Bank joins Malaysia's digital banking ranks, completing the first cohort
[KUALA LUMPUR] KAF Digital Bank began operations on Aug 8, marking the final entry from Malaysia's first batch of digital banking licensees approved by the country's central bank. The roll-out followed the completion of KAF Digital Bank's screening phase, which involved a closed-group trial that tested its systems, security and user experience. Feedback from early adopters was used to fine-tune the lender's syariah-compliant offerings. Chief executive officer Rafiza Ghazali said KAF Digital Bank aims to be a financial partner for all Malaysians, with a focus on empowering underserved communities through innovative banking services that are also aligned with syariah law. To this end, the product offerings and services have been designed to be accessible to a wider audience, she added. 'Our goal is to empower every individual and community that we serve to achieve their financial aspirations and wealth creation, regardless of their economic standing or location,' she told The Business Times in an e-mail interview. KAF Digital Bank's priorities over the next 12 months include refining the user experience on its mobile app, introducing a range of syariah-compliant investment products tailored to customers' values and risk profiles, as well as providing educational resources, workshops and digital content to boost financial literacy. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Rafiza said the bank will also leverage data analytics to offer personalised financial planning tools for goals ranging from savings to retirement, while developing intuitive digital platforms to simplify customers' financial journeys. The second Islamic digital bank in Malaysia Rafiza Ghazali, chief executive officer of KAF Digital Bank, said the lender aims to be a financial partner for all Malaysians. PHOTO: KAF DIGITAL BANK KAF Digital Bank is the second Islamic digital bank to go live in Malaysia, after Aeon Bank, which launched in May 2024. Its debut also marks the final step in bringing all five licence holders which obtained approval from Bank Negara Malaysia in April 2022 into the market. GXBank , led by Grab, was the first to start operations, in September 2023. It was followed by Boost Bank, a joint venture between Axiata's Boost and RHB Banking Group, in January 2024. Ryt Bank , jointly owned by YTL Digital Capital and Singapore's Sea, launched last December. KAF Digital Bank is backed by KAF Investment Bank and a consortium of local industry players, including Carsome, MoneyMatch, Jirnexu and StoreHub. The app's initial products are syariah-compliant savings accounts, virtual debit cards and payment services, among others. Synergy with Carsome Aaron Kee, Carsome Group's chief business officer, said the partnership with KAF Digital Bank will expand financing options, with a hire-purchase product for Carsome Certified Cars. This initiative will be a key part of the collaboration with Carsome Capital, the company's captive financing arm. Targeted for a 2026 launch, the product intends to provide flexible and user-friendly financing solutions for underserved and overlooked segments, he added. Carsome, Malaysia's first unicorn, is South-east Asia's largest integrated automotive e-commerce platform. It had more than 18 million monthly active users as at 2024, and manages over 14 million monthly visitors. It also works with more than 20,000 dealers across its network. 'By combining KAF's digital banking expertise with Carsome's platform, we aim to simplify the car financing process and provide more affordable options for a wider audience,' said Kee. He noted that these solutions will give customers better financial management, more transparent services, and improved access to banking products, ultimately making car ownership and financial decisions more accessible to a broader range of people.
The Sun
12-06-2025
- Automotive
- The Sun
Carsome off to strong start with US$4.3 million Ebitda in Q1
PETALING JAYA: Carsome Group Inc, Southeast Asia's largest integrated car e-commerce platform, registered a strong start to 2025, posting earnings before interest, taxes, depreciation and amortisation of US$4.3 million (RM18.1 million) in the first quarter, continuing the positive momentum from its profitable close to FY24. In Q1'25, the group's gross profit rose 12% year-on-year, while its gross profit per unit (GPU) improved 24% from 2024, driven by a resilient topline performance. During the quarter, both wholesale and retail segments delivered record margin performance, driven by improved pricing algorithms, optimised sourcing strategies, and stronger unit economics. The group remains focused on driving profitable growth across its core markets while strengthening its integrated automotive ecosystem. Carsome co-founder and group CEO Eric Cheng said, 'Carsome is off to a strong start in 2025, building on the solid foundation of our proven profitability in FY24. As we continue to refine our execution and unlock even greater operating leverage through our integrated model, our business fundamentals remain strong and resilient. 'We are on track to surpass our goals, including becoming operational cash flow positive this year. We are confident in the growth potential of our core markets, and we are excited about the momentum we are gaining. Recent strategic partnerships are already playing a pivotal role in driving topline growth and accelerating our path toward further success/' Caresome continues to forge partnerships that strengthen its ecosystem, broaden access to financing, enhance services and contribute to the community. These include its partnership with Japan Consumer Credit Service a member of Mitsubishi UFJ Financial Group, to scale financing for underserved customers through Carsome Capital. Furthermore, Carsome has established collaborations with Petronas AutoExpert to enhance after-sales support and an alliance with the Football Association of Malaysia to champion national pride. In April, Carsome supported the Selangor state government and the Ministry of Transport in aiding families affected by the gas pipeline fire in Putra Heights. These efforts underscore the group's ongoing commitment to making a meaningful impact, one that will continue to shape its direction in 2025.
Yahoo
05-04-2025
- Automotive
- Yahoo
Vincent Tan, Carsome step up with cash, free cars as aid for Putra Heights fire victims grows
SUBANG JAYA, April 5 — Transport Minister Anthony Loke today announced that 400 families affected by the Putra Heights gas pipeline fire have each received RM3,000 — 300 from Berjaya Group founder Tan Sri Vincent Tan and 100 from real estate company Matrix Concepts Holdings. He added that car e-commerce company Carsome is providing victims with 50 vehicles for free use for a month, with 20 delivered today and another 30 set to be delivered next week. 'I would like to express my gratitude to several corporate companies that have come forward to provide assistance to the victims of the fire in Putra Heights,' he told reporters when met at an aid handover ceremony here today. 'Many corporate companies have stepped forward to provide aid, demonstrating the strong spirit of cooperation among Malaysians.' He added that 63 new motorcycles would be sponsored to replace those destroyed in the incident, with handover and registration set for next Monday. 'This shows that there is substantial support from private companies, complementing the assistance provided by the government,' he said. He further reassured victims that the government would assist in rebuilding homes deemed 'total losses', and that further announcements will be made on the matter. 'While the process will take some time, our immediate priority is to alleviate their burden, which is why corporate aid is being expedited directly to the victims,' Loke said. The gas pipeline fire in Putra Heights broke out on the morning of April 1, sending flames over 30 metres into the air and reaching temperatures of 1,000 degrees Celsius. It took emergency responders nearly eight hours to fully extinguish the blaze, which left 87 homes completely destroyed and damaged 148 others.
