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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

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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.

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Invitation to presentation of EQT AB’s Q1 Announcement 2024

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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.

The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.

To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.

The webcast can be followed live here and a recording will be available afterwards.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]

Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This information was brought to you by Cision http://news.cision.com

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EQT AB Group

 

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Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs

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  • Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
  • Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
  • Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
    • Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
    • PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
  • Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
  • 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
  • CEO reaffirms Kia’s commitment to ESG management

SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.

Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.

During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.

The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.

“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”

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BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update

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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.

As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.

The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.

Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About BioVaxys Technology Corp.

BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.

ON BEHALF OF THE BOARD

Signed “James Passin
James Passin, Chief Executive Officer
Phone: +1 646 452 7054

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