Posted on February 25th, 2016
25 February, 2016 – iCar Asia Limited (‘iCar Asia’ or the ‘Company’), owner of ASEAN’s number 1 network of automotive portals today released its accounts for the year ended 31 December 2015.
Group revenue grew by 123% to $6.28m (2014: $2.81m), while expenses showed an increase of only 11% to $17.73m (2014: $16.00m) over the prior corresponding period.
Strong revenue growth in conjunction with well managed costs resulted in a 25% reduction in NLAT to ($12.54m) (2014:($16.70m)). EBITDA loss was reduced to ($11.46m) from ($13.19m) in 2014.
Two of iCar Asia’s three countries of operation achieved EBITDA break-even positions during the year. Thailand EBITDA was positive for the full second half of 2015, while Malaysia EBITDA was positive for the final quarter of the same year.
The company finished the year with cash and cash equivalents of $18.51m.
Mr Damon Rielly, CEO of iCar Asia said, “At the beginning of 2015 we stated the primary objective was to demonstrate revenue growth, which we have done. With our strong cash balance and continuing cost controls, we believe we are well placed to continue to deliver strong year on year revenue growth in 2016.“
Group operating metrics and performance:
The group finished the year with a clear leadership position over all its competitors in the critical operating metrics of audience and leads. This has ultimately led to strong growth in the number of car dealers willing to pay to advertise. 2015 saw the Company’s market-leading Response Management System (‘RMS’) being deployed in all three countries, with strong monthly engagement and classifieds monetisation. Key outcomes on a Group level were:
Malaysia operating metrics and performance:
Carlist.my grew its leadership margin throughout 2015 and demonstrated strong revenue growth. Key achievements were:
During 2015 Carlist.my launched mobile applications for both iOS & Android which quickly became the number 1 automotive apps in their respective app stores in Malaysia. The apps have now been downloaded over 80,000 times. Upgrades to the RMS are now also providing more pricing features and analytical data, further establishing the RMS as a tool that dealers rely on when running their dealerships.
Thailand operating metrics and performance:
2015 was a year of consolidation in Thailand as One2car.com (acquired in December 2014) was successfully integrated into iCar Asia’s existing Thailand operations. Key achievements were:
Indonesia operating metrics and performance:
Mobil123.com had a break-out year in 2015 establishing a clear leadership position in the Indonesian market. Significant growth in the number of dealers using the RMS, ‘free’ feature listings and bump products led to the commencement of dealer monetisation during the fourth quarter of 2015. Other key achievements were:
In 2015 Mobil123.com also opened offices in Bandung and Surabaya, expanding its footprint across the island of Java. Consumer mobile applications were also launched in December 2015 for both Android and iOS.
Said Mr Rielly, “2015 was a landmark year for the company. We have firmly established clear leadership positions, achieved deep car dealer penetration and engagement for our RMS and commenced monetisation in all countries.“
Mr Rielly continued, “We have entered 2016 with an amazing group of almost 300 team members who are passionate about changing the way people buy and sell cars for the better. We are on track and ready to capture the enormous opportunity that awaits the largest and most trusted digital automotive marketplace in ASEAN.”
For more information please contact:
Chief Executive Officer
iCar Asia Ltd
Mobile: +60 17 473 3778
Chief Financial officer
iCar Asia Ltd
Tel: +60 17 854 5218
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.