Carsales shares soar on quadrupled profit
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More news: Carsales shares jumped more than 7% on Monday after the company reported a 301% rise in annual profit.
Carsales quadruples profit and raises dividend
The news: Carsales.com has increased annual net profit after tax by 301% to $646 million on the back of acquisitions in the US and Brazil, while also recording double-digit growth in Australia.
The numbers: Carsales' revenue was up 53% to $783 million, as the online auto sales company recorded 18 billion views over the financial period. Its share price jumped almost 6% in early trading, before easing to $25.20, up about 2.5% from Friday's close. The company will deliver a 32.5¢ dividend per share on October 16, up 33% on the previous year.
The context: Carsales owns trading websites in Australia, South Korea, Mexico and Chile, and acquired US-based Trader Interactive and Brazil's Webmotors in 2022. Along with its international expansion, Carsales lifted its Australian revenue by 14% over the financial year.
The source: ASX Announcement
