Courier giant back in the black

Staff reporter

J&T Global Express (1519) swung to a net profit of US$101 million (HK$787.8 million) in 2024 from a net loss of more than US$1.1 billion the previous year, as its e-commerce business grew.

The Indonesian firm's chief financial officer Dylan Tey Say-keong said the continued double-digit revenue growth in all markets was mainly due to deepening collaboration with e-commerce platforms around the world.

Revenue rose nearly 16 percent to US$10.26 billion from 12 months ago. Revenue from express delivery service was US$9.98 billion, accounting for 97.3 percent of the total, compared to US$8.09 billion and 91.4 percent a year ago.

J&T attributed the revenue growth to higher e-commerce penetration rate and expansion into non e-commerce platform customers.

China was the region with the highest parcel volume - 19.8 billion - with a growth rate of 29.1 percent. Revenue in the Chinese market grew 22 percent to US$6.39 billion while J&T's market share rose 0.7 percentage points to 11.3 percent.

The number of parcels J&T processed rose 31 percent to 24.65 billion.

In 2024, the courier group had the highest market share of 28.6 percent in Southeast Asia, with a revenue of US$3.22 billion, up 22.3 percent.

No dividend was declared.

J&T's business spans 13 countries covering China and seven countries across Southeast Asia as well as five in new markets including Saudi Arabia.