Fintech PR
J&T Express Releases 2023 Results: J&T Express Continues to Lead Southeast Asia with No. 1 Market Share for Fourth Straight Year and Secures First Profit in China
HONG KONG, March 22, 2024 /PRNewswire/ — J&T Global Express Limited (‘J&T Express’ or ‘J&T’ or ‘the Company’, stock code: 01519), a global logistics service provider, has announced its 2023 results. In the past year, J&T Express achieved significant growth, expanded its business volume, and improved operational efficiency and service quality.
As a global logistics service provider, J&T Express operates in 13 countries across Southeast Asia, China, the Middle East, North Africa, and Latin America. In 2023, the Company experienced growth in market share and revenues in Southeast Asia, China, and New Markets compared to the previous year. J&T Express was ranked first in terms of parcel volume in Southeast Asia for the fourth consecutive year. As a result of the exponential growth in these markets, the Company’s total revenue for the full year of 2023 reached US$8.85 billion, an approximately 22% year-on-year increase from US$7.27 billion in 2022. The total number of parcels handled for the year was 18.8 billion, a 29% increase from 14.59 billion in 2022.
Furthermore, J&T Express demonstrated significant improvements in operational efficiency and profitability. For the first time since its launch, the Company achieved a positive full-year gross profit of US$473 million. Additionally, the Company achieved positive adjusted Earnings Before Tax, Interest, Depreciation, and Amortization (EBITDA) for the first time, reaching US$147 million, while both the gross margin and adjusted EBITDA in the China market also showed positive results for the first time. Moreover, the Company’s adjusted net loss narrowed by 71% to US$432 million in 2023. In the past year, the Company’s cash flow turned positive, with operating activities generating US$342 million, representing a significant improvement compared to 2022. As of December 31, 2023, the Company’s cash and cash equivalents amounted to US$1,483 million.
Steven Fan, Executive President of J&T Express, stated, “Despite facing multiple challenges from the macro-environment and increasingly fierce market competition, we capitalized on the rapid development of e-commerce across the various markets. Leveraging our extensive network of logistics outlets, continuous improvement in operational efficiency and service quality, and the unwavering dedication of our employees, we achieved significant milestones in 2023. We not only reinforced our leading position in Southeast Asia, but also achieved a breakthrough in profitability in our China business and registered rapid growth in emerging markets. Additionally, we became a public-listed company in Hong Kong, marking the beginning of a new chapter in our journey.”
“In 2024, we are committed to further improving our market share, deepening our cooperation with e-commerce platforms, strengthening our infrastructure, enhancing operational efficiency, and increasing investment in technological innovation and sustainable development. ‘Together For a Brighter Future’ remains our unwavering slogan, and the management team will work together with all employees to continuously create value for our customers, shareholders, and society.”
Dylan Tey, Chief Financial Officer of J&T Express, commented, “In 2023, the Company demonstrated exceptional performance with significant revenue growth, improved profitability, increased cash flow, and a strengthened financial position. Looking ahead, the compound annual growth rate of global e-commerce retail transaction volume is expected to reach 9% from 2024 to 2028. Notably, the growth rate of e-commerce business in each of the 13 markets where we operate has surpassed this global average. We will proactively capitalize on this significant market opportunity by developing targeted market strategies that leverage our strengths and market positions in each location, aiming to maximize growth, deliver more significant returns, and generate robust shareholder value.”
01
Increased Southeast Asia Market Share and Enhanced Profit Stability
In Southeast Asia, J&T Express maintained a market share of 25.4% in 2023 in terms of parcel volume, a 2.9% increase from 22.5% in 2022, securing the top spot for the fourth consecutive year. The Company handled a total of 3.24 billion parcels, representing a year-on-year increase of 28.9% and achieved a full-year revenue of US$2.63 billion, up 10.56% compared to the previous year.
J&T Express has fostered strong relationships with several e-commerce platforms in Southeast Asia, empowering its partners in various ways. For instance, the Company provides e-commerce partners with a vast network carrying capacity to address peak season delivery challenges by offering express services in Indonesia, Malaysia, Vietnam, the Philippines, Thailand, among others. On 2023 “Double 12”, the Company successfully handled a peak of over 16 million parcels per day in Southeast Asia.
The express industry benefits from significant economies of scale, and the substantial growth in parcel volume has further enhanced the efficiency in the utilization of key infrastructure and resources, such as transshipment centers, outlets and vehicles. In 2023, the Company’s average cost per parcel in Southeast Asia has steadily declined from US$0.76 in 2022 to US$0.67 in 2023.
In 2023, our average delivery time for parcels in Southeast Asia was shortened by 6.5% year-on-year, while the complaint rate continued to decline as well. By virtue of our outstanding service quality, the Company further expanded its customer base and gained widespread recognition from the local community.
02
Breakthrough in China Market with Positive Profitability
In China, the Company successfully expanded market share and further improved its profitability and service quality through a series of initiatives including strategic acquisition, service offering diversification and streamlined operation.
In terms of parcel volume, our market share in China stood at 11.6% in 2023, an increase of 0.7 percentage points compared to 2022. In 2023, our parcel volume in China increased by 27.6% year-on-year to 15.34 billion, outpacing industry average. Our full-year revenue increased by 27.7% year-on-year to US$5.23 billion in 2023.
In the China market, J&T Express achieved a significant milestone in 2023 by yielding a positive gross profit and adjusted EBITDA for the first time. Despite the fierce competition and escalating price war in China’s express delivery industry in 2023, the Company’s per-parcel revenue remained stable compared to the previous year, attributed to the optimization of volume mix across different e-commerce platforms, acquisition of high-quality customers and increase in the proportion of return delivery and bulk shipments. Additionally, due to the economies of scale brought by volume growth and streamlined operational management, our per-parcel delivery cost continued to decline, dropping from US$0.40 in 2022 to US$0.34 in 2023.
The Company continuously improves its service quality and maintains a high level of satisfaction in various logistics services opinion surveys. According to the data disclosed by the State Post Bureau, the Company’s average complaint rate in 2023 was 0.54, the lowest among China’s major express operators and much lower than the industry’s average of 4.45; the Company’s score for complaint handling in 2023 was 99.43, ranking J&T Express as No. 1 among China’s major express operators and higher than the industry’s average of 97.09.
03
Expansion into New Markets and Emerging Economies
In the New Markets, the Company has deepened its cooperation with major e-commerce platforms and continued to improve local network infrastructure. The significant growth in parcel volume handled by the Company has made J&T Express another strong competitor alongside local operators and international logistics giants.
Since setting foot in the Middle East, North Africa, and Latin America in 2022, the Company has continued to improve and strengthen local infrastructure to improve regional network coverage. Network coverage rate in these markets has exceeded 95%.
In terms of parcel volume, the Company was ranked top five in Brazil, Mexico, Saudi Arabia, and Egypt in 2023. The Company’s market share in the New Markets increased from 1.6% in 2022 to 6.0% in 2023. The total parcel volume reached 230 million, representing a remarkable year-on-year growth of 369.0%. The Company’s full-year revenue also witnessed a spike of 299.7% to US$327 million in 2023.
Throughout the year, the Company continued to develop and deepen its partnerships with both cross-border and local e-commerce platforms and provided one-stop logistics solutions, from customs clearance to last mile delivery, to meet the needs of specific market, capitalizing on its well-established infrastructure and extensive network coverage. Additionally, the Company has invested in upgrading transshipment centers, expanding fleet of long-haul vehicles, and establishing new outlets to further enhance its network capacity, thereby meeting the ever-increasing market demands.
04
Ride on the E-Commerce Boom
In the face of flourishing market opportunities presented by the e-commerce industry, the Company, as an independent e-commerce enabler is committed to continuously investing and enhancing its overall capabilities to seize the historic opportunities brought by the industry’s rapid expansion.
In Southeast Asia, the Company strives to increase its market share and enhance its leading position by providing high-quality services at competitive prices. In China, our focus will be on further uplifting service quality and brand image to reach a broader base of high-quality customers. In New Markets, we will place greater emphasis on high-growth potential regions such as the Middle East and Latin America, as the Company aims to seize the historic opportunity of Chinese e-commerce platforms expanding internationally while deepening local capabilities.
The Company will provide customized services to cater to the diverse needs of platforms, enabling them to reduce fulfillment costs through competitive pricing. Additionally, the Company will continue the discussion with e-commerce platforms to develop new products and explore innovative partnership models.
Going forward, the Company will expand its fleet, increase line-haul routes, acquire land in key transportation hubs, and expand sorting centers and warehousing facilities. In Southeast Asia and China, the Company will offer training and technical support to network partners, bolstering the overall capabilities of the entire network. In New Markets, the Company will further enhance the depth and density of network coverage.
The Company will continue to optimize the footprint of sorting centers and route planning and increase investments in the automated equipment and artificial intelligence technology. The Company is also committed to standardizing operational processes and elevating the workforce efficiency across the entire network, to further enhance operational efficiency and service quality.
The Company will conduct a comprehensive study to identify high-growth potential markets, with a specific focus on the Middle East and Latin America. At the same time, we will closely monitor our customers’ global expansion initiatives and enter new markets at the right timing to ensure that our services could respond to customers’ evolving needs in a timely manner.
The Company will continue to invest in technological innovation to upgrade key system functionalities, such as data management and network management, with the aim of enhancing end-to-end efficiency. Additionally, the Company will broaden the application of RFID technology to reduce its environmental footprint and support sustainability goals.
About J&T Express
J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.
Logo – https://mma.prnewswire.com/media/1721319/JT_Express_Logo.jpg
Fintech PR
PostEra announces expansion to $610M in their AI drug discovery collaboration with Pfizer
BOSTON, Jan. 7, 2025 /PRNewswire/ — PostEra, a biotechnology company specializing in machine learning for preclinical drug discovery, today announced an expansion of their partnership with Pfizer. The parties will launch a new Antibody-Drug-Conjugate (ADC) collaboration while also expanding their existing $260M AI Lab collaboration, which itself was built upon a successful Generative Chemistry partnership.
The teams will leverage PostEra’s AI platform, Proton, a pioneering innovation in generative chemistry and synthesis-aware design, to advance several programs. These new programs include small molecule therapeutics as well as ADCs, where PostEra will use Proton to optimize properties of payloads.
PostEra will receive an upfront payment of $12M and is eligible to receive additional milestone payments and tiered royalties on any approved products arising out of the collaboration.
Over the last 3 years, as part of the AI Lab, PostEra and Pfizer scientists have partnered closely to advance several small molecule programs. After Pfizer nominated the maximum number of programs, the teams have agreed to expand the collaboration to include additional targets with PostEra receiving additional upfront payment and eligibility for milestones and royalties.
“We’re pleased to significantly expand the use of PostEra’s Proton platform. This builds on peer-reviewed publications with Pfizer validating the real-world impact of AI-driven drug discovery in hitting preclinical milestones faster than anticipated,” said Alpha Lee, Chief Scientific Officer of PostEra. “This third partnership with our long-term collaborators at Pfizer underscores Proton’s depth and strength in making a meaningful impact on real-world drug discovery campaigns,” added Aaron Morris, CEO of PostEra.
About PostEra
PostEra is building a modern 21st century biopharma. We use Proton, our AI platform for medicinal chemistry, to accelerate the discovery of new medicines for patients. PostEra is advancing an internal pipeline while also advancing small molecule programs through partnerships with biopharma. We’ve closed over $1Bn in AI partnerships including 4 multi-year agreements with Pfizer and Amgen. PostEra is also leading an antiviral drug discovery center for pandemic preparedness, funded by one of the largest grants in NIH history.
Logo – https://mma.prnewswire.com/media/1722598/PostEra_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/postera-announces-expansion-to-610m-in-their-ai-drug-discovery-collaboration-with-pfizer-302342058.html
Fintech PR
Radius Global Market Research Acquires Illuminas North America
The partnership combines Radius’s strategic insights framework with Illuminas’s expertise in the technology and financial services sectors, thereby strengthening Radius’s capabilities across B2B and consumer markets.
NEW YORK, Jan. 7, 2025 /PRNewswire/ — Radius Global Market Research, a leading global insights and strategy firm, has announced its acquisition of Illuminas North America, a multidisciplinary research consultancy with headquarters in Austin, Texas. The acquisition strengthens Radius’s ability to deliver actionable insights for its global clients and enhances its expertise in supporting strategic insights needs of clients across industries.
Financial details were not disclosed.
Combining Expertise for Greater Insights
The acquisition integrates Radius’s Brand Growth Navigator framework with Illuminas’s strength in data science and deep expertise with technology and service-related industries. Illuminas is renowned for bridging gaps in customer understanding through tailored, data-driven solutions that illuminate optimal paths to success and drive growth for global brands.
“Illuminas’s proven capabilities in technology-focused research and their expertise in supporting B2B companies make them an ideal partner for Radius,” said Chip Lister, managing director of Radius Global Market Research. “This partnership enhances our ability to deliver insights that address critical business challenges for our clients, especially in industries where technology and innovation are key drivers of success.”
Expanding Capabilities for Clients Worldwide
Founded in 2002, Illuminas North America has built a reputation as a trusted partner for Fortune 500 companies and industry leaders. With deep expertise in technology, financial services, and dynamic global markets, Illuminas employs innovative and foundational research techniques, including quantitative and qualitative tools, to deliver insights that go beyond data to uncover compelling narratives.
“Our partnership with Radius will allow us to expand the reach and impact of our work,” said Jay Shutter, Principal and CEO of Illuminas. “By combining our customer-focused methodologies with Radius’s strategic insights framework, we’ll be better equipped to deliver actionable research that empowers our clients to make confident, informed decisions. This is a tremendous opportunity to enrich the value we provide to clients across the globe.”
Global Reach and Local Expertise
Illuminas North America’s offices in Austin, Texas, and Great Falls, Virginia, will enhance Radius’s ability to deliver insights worldwide. This acquisition follows Radius’s January 2025 acquisition of 7th Sense and its January 2024 acquisition of London-based Strive Insight, further extending the firm’s global footprint. Together, Radius and Illuminas will provide a seamless integration of advanced research tools and industry-specific expertise to support clients in achieving their goals.
About Radius Global Market Research
Founded in 1960, Radius is a full-service marketing research consultancy headquartered in New York City, with offices across the U.S. and globally. Radius supports brand growth through its Brand Growth Navigator framework, helping clients align insights with strategic priorities to maximize ROI. Its expertise spans industries, including technology, financial services, and consumer goods. Visit www.radiusinsights.com for more information.
About Illuminas North America
Illuminas is a strategic market research consultancy founded in 2002, specializing in bridging gaps in customer understanding. Headquartered in Austin, Texas, with an office in Great Falls, Virginia, Illuminas provides customized research solutions using proprietary methodologies to uncover insights for technology, financial services, and hospitality industries. The team combines quantitative and qualitative research methods to deliver insights that empower decision-making and drive business growth. Visit www.us.Illuminas.com for more information.
Logo – https://mma.prnewswire.com/media/2223227/Radius_logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/radius-global-market-research-acquires-illuminas-north-america-302344596.html
Fintech PR
Fisher Investments Finalizes Strategic Partnership with Advent and ADIA with Completion of Minority Common Stock Investment
Fisher Investments’ Founder Ken Fisher Maintains Majority Controlling Interest
PLANO, Texas, Jan. 7, 2025 /PRNewswire/ — Fisher Investments (“FI”) announced that Advent International (“Advent”) and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) completed a previously announced minority investment in Ken Fisher’s namesake firm, Fisher Investments. The $3 billion common stock investment by Advent and ADIA values FI at $12.75 billion.
The transaction was part of Ken Fisher’s long-term estate planning and ensures FI’s long-term private independence, culture, growth evolution and devotion to exceptional client service. Ken Fisher remains active in his current role as FI’s Executive Chairman and Co-Chief Investment Officer and retains a majority of beneficial ownership and over 70% of voting shares in FI. FI CEO Damian Ornani continues to drive FI’s day-to-day operations and business strategy. In connection with the investment, David Mussafer, a Managing Partner at Advent, has joined the board of directors at FI, and Gabriela Weiss, a Principal at Advent, has joined as a board observer at FI.
As of 12/31/24, FI managed nearly $300 billion for over 170,000 clients globally, including over 130,000 US private clients and 200 of the world’s largest and most well-known institutional clients. This is the first outside investment in FI, with previous ownership solely among family and employees. There is no further FI investment transaction contemplated. The investment in common shares includes neither options nor non-common stock preferences and includes proportional voting to the investors’ beneficial ownership in FI.
Ken Fisher said, “While my health is excellent, this transaction is aimed dually at long-term estate tax and planning purposes should anything untoward happen to me. Advent and ADIA are truly exceptional partners who value us operationally and culturally, and are committed to preserving what differentiates FI in our industry.”
Damian Ornani, longtime FI CEO, said, “We welcome Advent and ADIA’s support of our mission to help more new clients around the world.”
David Mussafer said, “We are thrilled to cement Advent’s partnership with FI at a moment when there is a growing need for the smart, independent and personalized financial expertise that FI is recognized for providing for 45 years. We look forward to closely collaborating with Ken, Damian and the rest of the FI team to support the company’s continued growth, drawing on Advent’s deep expertise in helping financial services companies best capitalize on the opportunities ahead.”
J.P. Morgan Securities LLC and RBC Capital Markets served as joint financial advisors and Paul Hastings served as legal advisor to FI. Ropes & Gray served as legal advisor to Advent. Gibson Dunn served as legal advisor to ADIA.
About Fisher Investments
Founded in 1979, Fisher Investments is an independent, fee-only investment adviser. Fisher Investments and its subsidiaries manage nearly $300 billion across three principal businesses—Institutional, US Private Client, and Private Client International. Founder and Executive Chairman Ken Fisher wrote the Forbes “Portfolio Strategy” column for 32 ½ years until 2017, making him the longest running columnist in its history. He now writes monthly for the New York Post and discreet unique columns in native language, varying by country, in 26 major nations, spanning more countries and more total volume than any other columnist of any type in history. Ken has appeared regularly on major TV news like Fox Business and News, BBN Bloomberg and CNN International. Ken has written 11 investing and finance books, including four New York Times bestsellers. For more information, visit www.fisherinvestments.com.
About Advent International
Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $88.8 billion in assets under management* and have made more than 420 investments across 43 countries.
Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.
As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.
To learn more, visit our website connect with us on LinkedIn.
*Advent assets under management (AUM) as of June 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.
About Abu Dhabi Investment Authority
Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. For more information, visit www.adia.ae.
Media Contacts
For Fisher Investments
Naj Srinivas
Executive Vice President, Corporate Communications
[email protected]
For Advent International
Leslie Shribman
Head of Communications
[email protected]
For ADIA
Garry Nickson
Corporate Communications & Public Affairs
[email protected]
Logo – https://mma.prnewswire.com/media/2592020/Fisher_Investments_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/fisher-investments-finalizes-strategic-partnership-with-advent-and-adia-with-completion-of-minority-common-stock-investment-302344504.html
-
Fintech PR5 days ago
Bybit x Block Scholes Report: BTC Options Steady with Call-Put Parity, ETH Braces for Short-Term Volatility
-
Fintech PR5 days ago
Artificial Intelligence (AI) in Trading Market to Reach USD 35 Billion by 2030, Growing at a 10% CAGR | Valuates Reports
-
Fintech PR6 days ago
Bookkeeping in USA: Empower Business Growth and Success with IBN Technologies
-
Fintech PR6 days ago
CUBE COMPLETES ACQUISITION OF THOMSON REUTERS REGULATORY INTELLIGENCE AND ODEN BUSINESSES
-
Fintech PR6 days ago
KuCoin Advances the “Menstrual Equity Project”, Benefiting 4,000 Women in the Bahamas
-
Fintech PR5 days ago
DataLend: 2024 Securities Lending Revenue Down 10% YoY to $9.64 Billion
-
Fintech PR6 days ago
Inaugural PHBS-IER Conference Highlights Cutting-Edge Economic Research
-
Fintech PR6 days ago
KuCoin Launches KuCoin Pay, a Merchant Solution Leading the Future of Crypto Payments