{"id":14916,"date":"2022-09-01T16:38:47","date_gmt":"2022-09-01T08:38:47","guid":{"rendered":"https:\/\/carro.sg\/blog\/?p=14916"},"modified":"2025-11-05T17:37:21","modified_gmt":"2025-11-05T09:37:21","slug":"all-systems-go-for-carro","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/all-systems-go-for-carro\/","title":{"rendered":"All systems go for CARRO; profitable  2.5x growth year-on-year for FY2022 and rapid growth  for Thailand, Indonesia"},"content":{"rendered":"<ul>\r\n \t<li style=\"text-align: left;\">Recorded 2.5x year-on-year (YoY) revenue growth while achieving a full year net profit for\r\nFY2022<\/li>\r\n \t<li>Marks first profitable year, was first EBITDA positive 3 years ago<\/li>\r\n \t<li>Current annualised revenue run-rate already at 2x growth (&gt;S$2 billion GMV) compared with\r\nFY2022<\/li>\r\n \t<li>Started FY2023 with strong balance sheet of approximately S$500 million in liquidity<\/li>\r\n \t<li>Secured close to S$200 million in additional financing lines, outstanding loan book of more than\r\nS$400 million with less than 0.1% of non-performing loans (NPL)<\/li>\r\n \t<li>On track to achieve Group-wide Gross Product Margin (GPM) of approximately 10% by end of\r\nthe calendar year; retail and ancillary gross profit margins to expand to approximately 15% by\r\nFY2023<\/li>\r\n \t<li>Expanding into Taiwan and Japan in FY2023<\/li>\r\n<\/ul>\r\n&nbsp;\r\n\r\nSingapore, 1st September 2022 \u2013 CARRO, Southeast Asia's largest online used car retailer,\r\ntoday released key highlights of their financial year ending in March 2022.\r\n\r\nCARRO more than doubled its revenue and gross profit to a record in its last financial year,\r\nachieving more than S$650 million in revenue. It is currently tracking at over S$1.3 billion in\r\nrun-rate revenue and is poised to deliver another 2x growth in revenue this financial year\r\n(FY2023).\r\n\r\nThe pioneers of the Certified Pre-Owned vehicle e-marketplace in Southeast Asia also achieved\r\nprofitability in its last financial year. Aaron Tan, co-founder and CEO of CARRO says \u201cFY2022\r\nwas our strongest showing yet. Not only did we grow 2.5 times, we did so profitably. We were\r\nlaser focused over the pandemic around operational excellence and cost improvements; we\r\nchose to utilise programmers to solve our problems and are starting to see the fruits of our\r\nlabour.\u201d\r\n\r\nThe Group\u2019s continued focus on online retailing and machine learning have brought about\r\nrecord gross profits. The company is on track to improve its gross profit margins to about 10%\r\nby the end of this financial year, thereby tripling its absolute gross profit.\r\n\r\nDr. Bryan Tan, Chief Data Scientist of CARRO says: \u201cAt CARRO, we\u2019re focusing on data\r\nscience and machine learning in every aspect of the consumer journey, from the pricing\r\nalgorithm of our customer\u2019s cars to credit approvals. By leveraging machine learning to improve and automate our processes, we\u2019ve achieved best-in-class GPM in this region compared with\r\nour peers.\u201d\r\n\r\nCARRO\u2019s online retailing of Certified Pre-Owned vehicles and financial services arm also drove\r\nthe bulk of its improvements in profitability and margins. Excluding its wholesale business, the\r\ncompany expects gross profit margins to be almost 15%.\r\n\r\nGenie Financial Services, CARRO\u2019s wholly-owned fintech business, also recorded a very strong\r\nFY2022. The company\u2019s NPL (Non Performing Loans) ratio remains at a low of 0.1% as it\r\ncontinued to deliver about 30% ROE (Return on Equity) in the last financial year. The overall\r\nloan book grew almost 2 times to a record S$400 million this year.\r\n\r\nErnest Chew, Chief Financial Officer of CARRO says, \u201cOur revenue growth was not just\r\ndriven by a single market \u2013 in fact all four of our markets contributed to the strong financial year.\r\nThailand alone transacted approximately 35 thousand units run-rate per year and Indonesia\r\ntoday accounts for almost S$40 million annualised EBITDA. We expect revenue for our online\r\nretail and ancillary business to hit over S$500 million this financial year.\u201d\r\n\r\nSince the beginning of FY2023, CARRO also secured close to S$200 million in additional\r\nfinancing from 9 global and domestic financial institutions at highly competitive rates. Following\r\nits strong performance in FY2022, CARRO has also set its sights beyond the shores of\r\nSoutheast Asia, and has since expanded into Taiwan and Japan this quarter. The company\r\nexpects to be EBITDA positive again this year.\r\n\r\n&nbsp;\r\n\r\nMore in other media\r\n\r\nTech in Asia: <a href=\"https:\/\/www.techinasia.com\/carro-doubles-revenue\" rel=\"nofollow noopener\" target=\"_blank\">Carro sees profitability, doubles revenue to US$464m<\/a>\r\n\r\n&nbsp;","protected":false},"excerpt":{"rendered":"<p>Recorded 2.5x year-on-year (YoY) revenue growth while achieving a full year net profit for FY2022 Marks first profitable year, was first EBITDA positive 3 years ago Current annualised revenue run-rate already at 2x growth (&gt;S$2 billion GMV) compared with FY2022 Started FY2023 with strong balance sheet of approximately S$500 million in liquidity Secured close to &hellip;<\/p>\n","protected":false},"author":77,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[],"class_list":["post-14916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-announcements"],"_links":{"self":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/14916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=14916"}],"version-history":[{"count":7,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/14916\/revisions"}],"predecessor-version":[{"id":14962,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/14916\/revisions\/14962"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=14916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=14916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=14916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}