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Carro announces 11x y-o-y EBITDA growth for FY2024, fourth year positive EBITDA, Woori investment

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Carro has announced it has achieved a best-ever EBITDA of S$43 million for FY2024, which represents a 11x growth over FY2023. This also marks the fourth year that Carro has posted positive EBITDA. According to …

has announced it has achieved a best-ever EBITDA of S$43 million for FY2024, which represents a 11x growth over FY2023. This also marks the fourth year that Carro has posted positive EBITDA.

In addition, Carro also saw two new markets added in 2024 – Hong Kong and Japan. In addition to the existing Southeast Asian markets and Taiwan, this makes a total of 7 countries that Carro is present in. Ernest Chew, Chief Financial Officer of Carro says “We are heartened and proud to have over-delivered on our initial target of a 10x EBITDA growth. Despite a challenging macro-environment, we achieved significantly improved margins across most profitability metrics last year. Our focus on quality of revenues and recurring earnings have resulted in a 92% reduction in reported operating loss and within a striking distance of positive operating profits.

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