Eagers Automotive Drives Record $11.2B Revenue, Secures BYD Deal, Launches ‘Cars for Good’

Strong 2024 Performance Amid Industry Challenges

Eagers Automotive Limited (ASX: APE) has delivered a standout financial performance for the year ended 31 December 2024, posting record revenue of $11.2 billion. This 13.6% increase over 2023 was driven by a blend of organic growth and strategic acquisitions, underscoring the company’s resilience in a competitive automotive retail landscape.

The company’s underlying operating profit before tax reached $371.2 million, with statutory profit before tax at $335.6 million. These results reflect disciplined cost management and robust contributions from its independent pre-owned vehicle business and retail joint ventures.

Sustaining Shareholder Value and Strategic Growth

Despite macroeconomic headwinds such as inflation and interest rate pressures affecting consumer spending, Eagers maintained its full-year dividend at a record 74.0 cents per share, matching the previous year. CEO Keith Thornton highlighted the company’s strong EBITDAI of $550.4 million, emphasizing a net profit margin that outperforms industry peers, a testament to Eagers’ unique scale, quality portfolio, and integrated automotive ecosystem.

Looking ahead, the company remains cautiously optimistic for 2025. While acknowledging ongoing economic challenges, Eagers is confident in its ability to sustain growth, supported by a strong balance sheet, significant property holdings, and a disciplined capital management approach aligned with its Next100 strategy.

Key Partnership and Community Initiatives

A highlight of the AGM was the announcement of a new long-term retail agreement with BYD Australia, extending for five years with an option for an additional five. This partnership positions Eagers as a preferred retail partner for BYD’s expanding footprint in Australia, allowing for network growth and enhanced market presence.

In a move that blends corporate responsibility with community engagement, Eagers will launch the “Cars for Good” initiative through its easyauto123 brand. Starting July 2025, this program will donate pre-owned vehicles monthly to individuals and grassroots charities nominated by employees and customers, reinforcing Eagers’ commitment to supporting the communities where it operates.

Leadership Transition and Corporate Culture

The AGM also marked the retirement of long-serving director Dan Ryan after more than 15 years. Chairman Tim Crommelin and CEO Keith Thornton paid tribute to Ryan’s dedication and invaluable contribution to the company’s success and culture.

Both executives reiterated the importance of Eagers’ culture, emphasizing integrity, agility, and ownership among its people as foundational to its sustained outperformance and industry leadership.