March 21st, 2018
iCar Asia Limited, ASEAN's largest network of automotive portals today released the full year Financial Report of 2017. iCar Asia announces revenue growth of 41% year on year (FOREX-neutral) to A$9.1m.
While iCar Asia’s showed substantial growth, the total cost increment was only 2%. An additional revenue of A$2.4m was added in 2017. Of which A$2.0m (81%) went to the EBITDA and the losses were decreased by 14% year on year to A$11.8m.
These financial results were achieved by delivering growth in all of the company’s key operating metrics in all countries where there is a presence of iCar Asia.
Highlights for the month of December 2017 include:
Both the audience and leads saw a substantial growth in December 2017. The company saw a dramatic increase of 61% in consumers and 60% in leads. The figures reassure of the continuous trend of car dealers using digital channels to conduct their businesses.
The dealer accounts on iCar Asia’s portals in Thailand were increased by 25% year on year, in December alone, the increment was 8%. The overall revenue saw a growth of 39% year on year, and there was a 32% improvement in EBITDA loss.
Consumers grew 38% year on year in December 2017 and the leads saw a staggering growth of 55% as car buyers and sellers continue to use online portals.
iCar Asia sites’ core products including Bumps saw a growth of 26% year on year in December. The overall revenue increase in December swelled to 29%. EBITDA losses were reduced by 39%.
The Indonesian chapter of iCar Asia also enjoyed significant growth with audience and leads growing to 38% and 16% year on year in December 2017 respectively. The growth enabled dealers to conduct their business with more frequency thus the company saw an outstanding increase of 77% in total listings in the month of December 2017. The overall revenue grew by 87% year on year as iCar Asia followed through its rigorous monetization strategies. The EBITDA loss remained flat year on year, but showed a 21% improvement in 2H 2017 versus 2H 2016.
The CEO of iCar Asia Limited, Mr. Hamish Stone commented on the performance of the company in 2017. He said,
“2017 has been exceptional forus, making the right choices in product investment, technology, marketing optimization and the reshaping of sales processes. These choices have delivered growth in all of all our key operating metrics and a return to strong revenue growth across all markets while tightly controlling costs. This demonstrates that iCar Asia can deliver sustainable growth as it heads towards profitability,”
Mr Stone further added, “With the transformation of the business completed and a strong end to 2017, the iCar Asia is well set-up to benefit in 2018 from the positive economic conditions in the ASEAN region and the recovery in the automotive industry across all of the markets iCar Asia operates in,”
2018 is expected to be a strong year for the company. Since they have solid growth plans:
Mr. Stone concluded, “In 2018 we expect to continue to grow our core business of used cars and advertising solutions, and leverage our market leadership positions to further establish our new car, events and car services operations. As the largest and most trusted automotive marketplace across the ASEAN region, iCar Asia is in a great position to capture the returns as the region continues on the road of digital transformation.”
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About iCar Asia Limited (www.icarasia.com)Listed on the Australia Securities Exchange, iCar Asia (ASX: ICQ) owns and operates ASEAN’s No.1 network of automotive portals. Headquartered in Kuala Lumpur, Malaysia, the company is focused on developing and operating leading automotive portals in Malaysia, Indonesia and Thailand. iCar Asia is continuously working to capitalize on its market-leading positions, with its online properties currently reaching over 11 million car buyers and sellers in the region.
iCar Asia Group Network of websites: