CAR Group Reports Strong First-Half Earnings Growth

by Warren Seah

CAR Group, the Australian vehicle classifieds advertiser, has announced a significant increase in its interim dividend and has projected further earnings growth following a 34% rise in first-half adjusted profit.

In the six months leading up to December, CAR Group achieved an adjusted net profit of AUD 162.7 million (USD 106.2 million), marking an impressive 60% increase in adjusted revenue to AUD 530.7 million.

While net profit on a statutory basis declined by 72% to AUD 117.0 million from AUD 416.5 million, this was largely due to a one-off gain resulting from the acquisition of the remaining 51% of U.S. RV marketplace Trader Interactive in October 2022. Statutory revenue experienced a parallel increase of 60% to AUD 531.0 million.

According to FactSet data, the average analyst forecast had predicted a profit of AUD 121.8 million.

Notably, the board declared a dividend of 34.5 Australian cents, up from 28.5 Australian cents in the previous year.

Looking ahead, CAR Group projects strong revenue growth and adjusted earnings for fiscal year 2024. Additionally, it anticipates significant growth in adjusted net profit.

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