Solidifies its leading position in Southeast Asia with rising market share, while its parcel volume growth in China outpaces the industry
HONG KONG, Aug. 20, 2024 /PRNewswire/ -- J&T Global Express Limited ("J&T Express" or "J&T" or "the Company", stock code: 01519), a global logistics service provider, announced its 2024 interim results for the first half of 2024 ("H1 2024" or "the Period"). In the first half of the year, J&T's revenue reached US$4.86 billion, representing a year-over-year ("YoY") increase of 20.6%. Revenue of its core business, express delivery services, reached US$4.74 billion, marking a YoY increase of 33.7%. Gross profit showed a YoY increase of 176.8% to US$540 million.
In H1 2024, all of J&T's profit metrics swung to positive. The Company reported a net profit of US$31.026 million, a significant turnaround compared to the loss of US$670 million over the same period last year. Adjusted net profit was US$63.248 million, compared to a loss of US$260 million over the same period last year. Adjusted EBITDA soared by 795.6% to reach US$350 million. Adjusted EBIT also turned positive and reached US$120 million, underlining a healthy and sustainable level of profitability.
During the Period, J&T's total parcel volume increased by 38.3% YoY to 11.01 billion. The business scale of all operating regions continued to expand, with parcel volume consistently achieving double-digit growth. In Southeast Asia ("SEA"), parcel volume increased by 42% YoY to 2.04 billion, raising its market share to 27.4%. In China, parcel volume grew by 37% to 8.84 billion. In newer markets such as Saudi Arabia and Mexico ("New Markets"), parcel volume surged approximately 64% to 140 million.
Dylan Tey, Chief Financial Officer of J&T Express, commented: "In the first half of 2024, J&T's total revenue increased by over 20% YoY, primarily driven by the growth in express delivery services ...
