J&T Global Express (1519) Q3 2024 TU earnings summary

Executive summary

• Achieved group adjusted net profit and EBIT profitability for the first time in 1H2024, driven by strong growth in China and SEA, and narrowed losses in New Markets.

• Parcel volume and revenue grew significantly across all regions, with China and SEA leading in market share and operational efficiency.

• Maintained a strong cash position and recorded first positive free cash flow in 1H2024.

• Continued investment in infrastructure, technology, and green operations to support long-term growth.

• Total parcel volume reached 6,238.6 million in Q3 2024, up 18.5% year-over-year.

Financial highlights

• Group revenue reached US$4.86bn in 1H2024, up 20.6% YoY; China contributed 61.6%, SEA 31.3%, New Markets 6.0%.

• Adjusted EBITDA surged to US$351mm in 1H2024 from US$39mm in 1H2023; adjusted EBITDA margin rose to 7.2%.

• Adjusted net profit turned positive at US$63mm in 1H2024, compared to a loss of US$264mm in 1H2023.

• Free cash flow was US$180mm in 1H2024, compared to negative US$248mm in 1H2023.

• Cash and cash equivalents stood at US$1.48bn as of June 30, 2024.

Outlook and guidance

• Plans to refinance US$1bn borrowing, with refinancing expected to close within 2024.

• Focus on deepening cooperation with e-commerce platforms, strengthening infrastructure, and expanding into new markets.

• Continued investment in innovation, technology, and environmental sustainability.