J&T Express witnessed a remarkable performance in its core business, with revenue from express delivery services reaching $4.74 billion, marking a 33.7% increase compared to the same period last year. Gross profit surged by 176.8% year-over-year to $540 million.
For the first half of 2024, all profitability indicators for J&T showed positive growth. The company reported a net profit of $31.026 million, a significant turnaround from the loss of $670 million in the same period last year. The adjusted net profit stood at $63.248 million, compared to a loss of $260 million in the previous year. Adjusted EBITDA soared by 795.6% to $350 million, while adjusted EBIT turned profitable and reached $120 million, indicating healthy and sustainable profitability.
During this period, J&T’s total parcel volume grew by 38.3% year-over-year to 11.01 billion. The scale of operations continued to expand across all regions, with parcel volumes consistently achieving double-digit growth. In Southeast Asia (“SEA”), parcel volume increased by 42% year-over-year to 2.04 billion, elevating market share to 27.4%. In China, parcel volume rose by 37% to 8.84 billion. In newer markets such as Saudi Arabia and Mexico (“New Markets”), parcel volume grew by approximately 64% to 140 million.
Dylan Tey, CFO of J&T Express, commented, “In the first half of 2024, J&T’s total revenue increased by over 20% year-over-year, primarily driven by the growth of our express delivery services across 13 countries. With our China business turning profitable for the first time, the company’s adjusted EBIT also turned positive. We maintained healthy and sustainable profitability in Southeast Asia. In the New Markets, we achieved significant revenue growth and reduced EBIT losses, mainly attributable to the strong growth in parcel volume, as well as continuous improvements in management and operational optimization.”
MAINTAINING LEADERSHIP IN SOUTHEAST ASIA FOR FOUR CONSECUTIVE YEARS WITH GROWING MARKET SHARE
In Southeast Asia, J&T Express is renowned for its well-established logistics network, extensive coverage, optimized service quality at efficient costs, and strong partnerships, which continue to serve as competitive advantages.
As a result, the company’s parcel volume in the region increased by 42% year-over-year. J&T’s market share reached 27.4%, a 2-percentage-point increase from 2023. In the first half of 2024, the company’s average delivery time for parcels in Southeast Asia was shortened by 13.8% compared to the same period last year.
For the same period, revenue from the company’s SEA operations grew by 22% to $1.52 billion, adjusted EBITDA increased by 13% to $210 million, and adjusted EBIT rose by 46% year-over-year to $130 million.
In Vietnam, J&T Express has a network covering all 63 provinces. With relentless efforts and the trust of its users, J&T Express has established a strong presence and holds a top market share in the country.
According to the evaluation results released by the Ministry of Information and Communications, J&T Express is the only delivery company to achieve 100% on-time delivery performance. “Delivering on time – Receiving wholeheartedly” is not just a slogan but a commitment that J&T Express Vietnam makes to its customers. In the plan for the second half of 2024, J&T Express Vietnam will continue to invest in a modern e-logistics hub that meets international standards and scale in the North.
CONTINUING TO ENHANCE SERVICE EXPERIENCE
J&T is committed to providing an enhanced logistics service experience for its customers by continuously building its own sorting centers, improving the efficiency of its self-operated fleet, and investing in automation equipment across various markets.
As of June 30, 2024, the company had approximately 8,000 network partners and about 19,900 stores. J&T operates 237 sorting centers equipped with 254 automated sorting lines.
The transportation network across the entire system includes over 4,100 transportation routes, utilizing more than 9,900 vehicles, of which over 5,700 are company-owned.
A representative from J&T Express stated that achieving profitability in this financial period lays a solid foundation for the company’s long-term and healthy development.
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