2 Cheap Cars Group Ltd has announced that it expects to achieve a record profit for the fiscal year 2024, due to strong trading in the first five months.
The company has increased its net profit after tax guidance to a range of $5.2 million to $5.7 million, up from the previous range of $4.2 million to $5.0 million.
The upgrade is attributed to improved gross margin, addressing shipping constraints, and better performance at the processing hub.
The company reported unaudited year-to-date figures, including revenue of approximately $34.1 million, gross margin of $8.1 million, and net profit after tax of approximately $2.4 million.
The strong start has been supported by increased inventory and improved compliance activity.
The company anticipates continued profitability assuming currency stability and an unchanged regulatory environment.
The CEO noted that the company's transformation to restore profitability and shareholder value has progressed faster than expected.
The company's dividend policy will be updated at the Annual Shareholder Meeting.
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