Heaptalk, Jakarta — Logistics service company J&T Express posted total revenue of US$8.85 billion, increasing 22% YoY for the entire year of 2023. Also, this shipping company noted a positive full-year gross profit worth US$473 million.
The fantastic growth also occurred in its Adjusted EBITDA for the first time, reaching US$147 million this year after performing its IPO. Moreover, J&T’s adjusted net loss narrowed by 71% to US$432 million in 2023. Regarding its cash flow, the company’s cash flow turned positive, with operating activities generating US$342 million. As of December 31st, J&T’s cash and cash equivalents amounted to US$1,4 million
Despite facing multiple challenges from the macro-environment and increasingly fierce market competition, J&T Express’s executive president, Steven Fan, admitted the company continues to capitalize on the rapid development of e-commerce across the various markets, leverage its extensive network of logistics outlets, and improve operational efficiency and service quality to achieve a significant milestone in 2023.
J&T has expanded its operations in 13 countries across Southeast Asia, China, North Africa, Latin America, and the Middle East. In 2023, the company faced growth in market share and revenues in Southeast Asia, China, and its new markets compared to the previous year.
Stabilize business profitability in SEA’s market
In Southeast Asia, J&T Express maintained a market share of 25.4% in terms of parcel volume, enhancing around 2.9% in 2023. The company handled a total of 3.24 billion parcels, representing a YoY increase of 28.9%, and achieved a full-year revenue of US$2.63 billion, an uplift of 10.56% this year.
To preserve its profit, this shipping provider also fosters strong relationships with several e-commerce platforms in SEA, empowering its partners in various ways. In its cooperation scheme, the company provides e-commerce partners with a vast network carrying capacity to address peak season delivery challenges by offering the express capacity to address peak season delivery challenges by offering express services in Indonesia, Malaysia, Vietnam, the Philippines, and Thailand.
In 2023, the company’s delivery time for parcels in Southeast Asia was shortened by 6.5% YoY, while the complaint rate declined. The company also noted its average cost per parcel in Southeast Asia steadily declined from US$0.76 in 2022 to US$0.67 in 2023.
“In 2024, we will elevate our market share, deepen our cooperation with e-commerce platforms, strengthen our infrastructure, enhance efficiency, and increase technological innovation and sustainable development,” added Steven.
