Tencent-Backed J&T Global Express Posts Annual Loss in First Earnings Report After Going Public
By Jiahui Huang
Tencent-backed J&T Global Express swung to a loss in 2023, dragged by higher share-based payments and expenses.
The logistics company reported a net loss of $1.10 billion, compared with a net profit of $1.66 billion in 2022.
Revenue rose 22% to $8.85 billion, J&T Global said Friday in its first earnings report since going public.
The Shanghai-based company said its selling, general and administrative expenses almost doubled to $2.16 billion. The company, which listed in Hong Kong in October, attributed the increase to higher share-based payments and expenses, which rose to $1.46 billion from $281.4 million.
The company posted solid revenue growth in its Chinese and Southeast Asian markets last year, while sales in new markets including Saudi Arabia, United Arab Emirates, Mexico, Brazil and Egypt quadrupled to $326.8 million.
J&T Global said the rapid growth in new markets was due to the countries' resilient economic expansion and rising demand, helped by a burgeoning express-delivery industry.
The company said it will "pay special attention to the markets in the Middle East and Latin America that we have not yet entered," adding that it will be careful about the timing and method of entry.
J&T's stock has been trading below its IPO price.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
March 22, 2024 07:19 ET (11:19 GMT)
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