The share price of iCar Asia Ltd (ASX: ICQ) rose by over 12% today after reporting record quarterly cash receipts.
iCar Asia reported that cash receipts for the fourth quarter of 2019 rose by 39% year on year to AU$4.2 million. Net operating cash flow improved by 37% for 2019 and increased by 25%.
Malaysia and Thailand were reported to be earnings before interest, tax, depreciation and amortisation (EBITDA) and cashflow positive for the full year of 2019. Meanwhile, Indonesia almost halved its EBITDA loss for the full 2019 year and the company has completed its acquisition of Carmudi Indonesia.
The company said that it reached EBITDA breakeven in November 2019. Based on the 2020 outlook, the company is expecting to become cash flow positive in the second half of 2020.
In 2020 the company is expecting revenue to grow by 50% or more on a year to year basis.
Mr Hamish Stone, CEO of iCar Asia, said: “The year of 2019 was a highly successful year for the Group as we achieved run rate EBITDA breakeven for the Group in November 2019, one month ahead of our guidance. With the acquisition of Carmudi Indonesia now completed, we look forward to an even more successful year in 2020 where we will leverage on our leadership positions in all 3 countries to further grow our business portfolio into greater profitability.
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