Meituan's profit surges 158pc to 35.8 billion yuan

Meituan (3690) said its 2024 net profit surged 158 percent to 35.8 billion yuan (HK$38.4 billion) compared to the previous year, owing to robust contributions from the fourth quarter.

No dividend was declared.

Adjusted net profit climbed 88 percent year-on-year to 43.8 billion yuan.

Its revenue amounted to 337.6 billion yuan, up 22 percent from the previous year.

Specifically, delivery service turnover recorded over 98 billion yuan, marking a 19.3 percent growth yearly.

Total segment operating profit jumped by 143.6 percent to 45.1 billion in 2024, and the operating margin rose from 6.7 percent to 13.4 percent. 

In the fourth quarter, revenue amounted to 88.5 billion yuan -- up 20.1 percent compared to the same period in 2023 -- beating the expectations of 87.7 billion yuan. Net profit in the period surged by over 1.8 times to 6.2 billion yuan, compared to the same period in the previous year.

Meituan said it will continue to promote the digital transformation of the industry and increase its investment in cutting-edge technologies and related applications such as artificial intelligence, drone delivery services and automated delivery vehicles.

STAFF REPORTER