J&T Global Express (1519) H2 2024 earnings summary

Executive summary

• Achieved first full-year profitability in 2024, with net profit of US$113.7 million and adjusted net profit of US$200.3 million, driven by strong growth in Southeast Asia, China, and new markets.

• Revenue reached US$10.26 billion, up 16% year-on-year, with parcel volume rising 31% to 24.6 billion globally.

• Adjusted EBITDA surged 430.5% to US$778.3 million, reflecting improved operational efficiency and positive free cash flow.

• Maintained leading market share in Southeast Asia (28.6%), with gains in China (11.3%) and new markets (6.1%).

• Gross profit more than doubled to US$1.08 billion, with gross margin improving from 5.3% to 11%.

Financial highlights

• Group revenue rose 16% to US$10.26 billion; express delivery revenue increased 23.4% to US$9.98 billion.

• Adjusted EBIT was US$301 million, reversing a US$335 million loss in 2023; net profit was US$113.7 million.

• Adjusted net profit was US$200 million, a turnaround from a US$432 million loss in 2023.

• Free cash flow turned positive at US$252 million; cash and equivalents at year-end were US$1.6 billion.

• Gross profit margin rose to 10.5% from 5.3% year-on-year; group gross margin at 11%.

Outlook and guidance

• Expects Southeast Asia parcel volume growth of 20%-30% in 2025, with continued market share expansion and cost optimization.

• Plans to leverage cost advantages, technology transfer, and service quality to deepen market share in SEA and China.

• Anticipates full-year EBITDA breakeven for new markets in 2025, leveraging economies of scale and operational improvements.

• Focus on expanding non-platform parcel business and capturing global e-commerce growth.

• Continued infrastructure investment and network expansion in new markets to support e-commerce growth.