JD trebles earnings to 49b yuan

Mainland e-commerce giant JD.com (9618) yesterday said its annual net profit tripled to 49.4 billion yuan (HK$59.08 billion) year-on-year in 2020.

This came as non-GAAP net profit rose by 57 percent to 16.83 billion yuan year-on-year. Non-GAAP net income per share also rose 50.94 percent to 5.57 yuan.

For 2020, total revenue climbed by nearly 27 percent to HK$745.80 billion yuan year-on-year.

Its annual active customer accounts rose by 30.3 percent to 471.9 million in 2020 over the previous year.

Gross merchandise volume increased by 26.92 percent to 2.61 trillion yuan year-on-year.

In the last quarter, the titan's net revenue rose to 224.33 billion yuan, beating analysts' estimates of 219.73 billion yuan.

Quarterly non-GAAP earnings went up by 194 percent year-on-year to nearly 2.39 billion yuan.

While China has largely emerged from coronavirus lockdowns with most businesses resuming production, JD.com's domestic consumers continue to shop online for everything from daily groceries to luxury products. The company has also been working to expand into price-sensitive lower tier cities through its shopping platform Jingxi in a bid to stave off competition from rivals like Alibaba and Pinduoduo.

JD.com said product revenue, which includes online retail sales, rose about 28 percent to 192.2 billion yuan during the quarter.