KUALA LUMPUR, Feb 26 (Bernama) — iCar Asia Limited (‘iCar Asia’ or the ‘Company’), ASEAN’s number 1 network of automotive portals, has released its full-year Financial Report for the year 2018 with a 27% increase in revenue year-on-year to $11.6m. In line with this, cash receipts also showed a strong 46% year-on-year growth versus 2017.
Key financial milestones achieved
In 2018, two out of three countries that iCar operated in achieved the significant financial milestones by turning profitable. Malaysia was the first business to become EBITDA and cashflow positive in September 2018 and maintained this performance in the fourth quarter of 2018 to have its first full quarter of profitability. It was soon followed by Thailand, which become EBITDA and cashflow positive in December 2018. With the achievement of this milestone in these 2 countries and coupled with the improvement in financial performance for Indonesia, iCar Asia remains on track to be EBITDA breakeven by the end of 2019.
