J&T Global Express Limited, a global logistics service provider, has achieved full-year profit for the first time in 2024 after recording 15.9 percent in revenue growth.
The firm said in a statement on Wednesday that is full-year revenue reached $10.26 billion in 2024.
Its total parcel volume for the year increased by 31 percent year on year to $24.65 billion.
Revenue from its core business express delivery services was $9.98 billion, a year on year growth of 23.4 percent.
During the period, all of J&T’s profit metrics turned positive, showing a positive turnaround.
The firm’s net profit reached $110 million, a significant improvement compared to the $1.16 billion loss in 2023.
Its adjusted net profit amounted to approximately $200 million, exceeding market expectations.
Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $780 million, soaring 430.5 percent.
Its adjusted earnings before interest and taxes (EBIT) turned positive, reaching $300 million, reflecting the company’s steadily improving profitability and its healthy, sustainable trajectory.
In 2024, the adjusted EBIT of all operating regions achieved significant growth or improvement.
In China, the adjusted EBIT turned positive for the first time, reaching $150 million, compared to an adjusted EBIT loss of $240 million in 2023.
In Southeast Asia (SEA), the adjusted EBIT increased by 48.9 percent year on year to $300 million.
In newer markets such as Saudi Arabia and United Arab Emirates (UAE), the adjusted EBIT loss was $76.47 million, a significant narrowing compared to the $110 million loss in 2023.
“In 2024, J&T’s revenue in all operating regions continued to achieve double-digit growth, primarily benefiting from the deepening of our cooperation with e-commerce platforms in various regions, as well as the active expansion of diversified brand partners,
“We have maintained our leading position in SEA, with encouraging revenue and profitability maintaining steady and sustainable growth,” said Dylan Tey, Chief Financial Officer of J&T Express.
“We believe that the company’s first-mover advantages and high-quality services in SEA can further enhance our market share in the region,
“During the period, the China business continued to benefit from economies of scale and optimized operating efficiency, and local operating experience will empower other markets, bringing positive effects to the company’s business around the world,” he added.
According to the statement, J&T continued to achieve growth and steady profitability improvements in SEA in 2024.
The company’s parcel volume in the region reached 4.56 billion, an increase of 40.8 percent year on year.
J&T’s market share in SEA increased by 3.2 percentage points from 2023 to 28.6%, further consolidating its leading position and competitive advantages in the market.
In SEA, J&T has firmly maintained its position as an independent e-commerce enabler, integrating parcels from all e-commerce platforms while actively expanding non-platform parcels.
Through economies of scale and replication of China’s express delivery experience, the cost per parcel decreased by approximately 14.9 percent YoY during the period, enabling the company’s business to maintain a steady and sustainable level of profitability.
J&T’s revenue in the SEA market increased by 22.3 percent year on year to $3.22 billion in 2024.
The region’s adjusted EBITDA reached $460 million, an increase of 21.3 percent year on year.
Its adjusted EBIT reached $300 million, with a growth rate of 48.9 percent year on year.
J&T’s business scale and market share in China also steadily improved.
The company’s parcel volume in China increased by 29.1 percent year on year to 19.8 billion in 2024.
During the period, market share in China increased to 11.3 percent.
The company’s parcel volume and market share in China continued to grow, mainly due to deepened cooperation with existing e-commerce platforms, coupled with improved service quality and enhanced brand image.
Together, these factors enhanced the company’s overall client sourcing capabilities.
The firm’s revenue in China reached $6.39 billion in 2024, an increase of approximately 22.2 percent year on year.
Its adjusted EBITDA in the region was $430 million, and adjusted EBIT turned profitable, recording approximately $150 million, primarily due to a significant decrease in the cost per parcel.
During the period, the company’s cost per parcel in China decreased by approximately 11.8 percent to $0.30.
The firm is also actively exploring artificial intelligence (AI) to improve delivery efficiency.
It continued to implement refined management in the areas of pickup, sorting, transportation and dispatching to improve operational efficiency, and continuously selectively expanded self-built sorting centers in various regions.
“J&T has achieved brilliant results in 2024 by virtue of the huge logistics network built in various regions, reliable services, the advanced experience and cost control capabilities acquired in China, and close partnerships with e-commerce platforms in various markets,
“We uphold our position as a neutral logistics service provider, and actively establish diversified cooperation with the platforms, continuously improving information technology and intelligence capabilities, while optimizing service processes through our self-developed technology platform to empower global operations,” said Charles Hou, Group Vice President of J&T Express.
Looking forward to the future, he said J&T will continue to increase investment in research and development, providing more convenient, efficient and intelligent services to meet customers’ demand for high-quality express delivery services.
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