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.
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Fintech PR
Cold Chain RFID Market to Hit $4636.6 Million by 2030: Explore Trends, Segmentation, and Growth Factors | Valuates Reports
BANGALORE, India, Jan. 8, 2025 /PRNewswire/ — Cold Chain RFID Market is Segmented by Product (Sensors, RFID Tag, RFID Reader), by Technology (Passive RFID, Active RFID), by Application (Food and Beverages, Pharmaceutical & Biomedical).
The Cold Chain RFID Market was estimated to be worth USD 1544.1 Million in 2023 and is forecast to a readjusted size of USD 4636.6 Million by 2030 with a CAGR of 16.5% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Cold Chain RFID Market:
The Cold Chain RFID Market is poised for substantial growth, driven by the increasing need for efficient and reliable tracking solutions in the transportation and storage of temperature-sensitive products. RFID technology offers comprehensive monitoring and real-time data collection, ensuring that products such as pharmaceuticals, food, and biologics are maintained within optimal conditions throughout the supply chain.
The ability to provide detailed visibility into the movement and status of goods enhances operational efficiency, reduces losses, and ensures compliance with regulatory standards. Additionally, advancements in RFID technology, including improved sensor integration and data analytics capabilities, further enhance the effectiveness of cold chain management systems.
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TRENDS INFLUENCING THE GROWTH OF THE COLD CHAIN RFID MARKET:
RFID tags are instrumental in driving the growth of the Cold Chain RFID Market by enabling precise tracking and monitoring of temperature-sensitive products throughout the supply chain. These tags provide real-time data on the location and condition of goods, ensuring that products such as pharmaceuticals, food, and perishable items are maintained within optimal temperature ranges during storage and transportation. The ability of RFID tags to offer detailed insights into environmental conditions helps businesses prevent spoilage, reduce waste, and ensure compliance with regulatory standards. As the demand for efficient and reliable cold chain management solutions increases, RFID tags become essential tools for enhancing visibility, improving inventory accuracy, and ensuring the integrity of temperature-sensitive products. This critical functionality propels the adoption of RFID technology in the cold chain sector, thereby driving market growth.
Sensors are a pivotal component driving the growth of the Cold Chain RFID Market by providing essential data on environmental conditions such as temperature, humidity, and vibration. These sensors, integrated with RFID tags, continuously monitor the state of goods throughout the supply chain, ensuring that they remain within specified parameters. The real-time data collected by sensors allows for immediate detection of any deviations, enabling swift corrective actions to prevent product degradation. Advanced sensor technologies enhance the accuracy and reliability of monitoring systems, making them indispensable for maintaining the quality and safety of sensitive products. The increasing emphasis on data-driven decision-making and the need for comprehensive monitoring solutions in the cold chain industry further boost the adoption of sensors, thereby fueling the growth of the Cold Chain RFID Market.
Passive RFID systems drive the growth of the Cold Chain RFID Market by offering a cost-effective and energy-efficient solution for tracking and monitoring products. Unlike active RFID systems, passive RFID tags do not require an internal power source, making them simpler and more affordable to deploy across extensive supply chains. These tags rely on energy from RFID readers to transmit data, enabling widespread adoption without significant infrastructure investments. Passive RFID is ideal for applications where long-term monitoring and low-cost solutions are essential, such as in the transportation of pharmaceuticals and perishable foods. The scalability and durability of passive RFID systems make them suitable for diverse cold chain environments, from warehouses to refrigerated trucks. As businesses seek efficient and economical tracking solutions, the demand for passive RFID systems continues to rise, driving the expansion of the Cold Chain RFID Market.
The increasing demand for traceability in the supply chain is a major factor driving the Cold Chain RFID Market. Traceability ensures that products can be tracked from their origin to their final destination, providing transparency and accountability throughout the supply chain. In the cold chain sector, traceability is crucial for maintaining the quality and safety of temperature-sensitive products such as food, pharmaceuticals, and biologics. RFID technology enables detailed tracking and monitoring, allowing businesses to verify the integrity of their products and comply with regulatory requirements. Enhanced traceability helps in identifying and addressing issues promptly, reducing the risk of product recalls and ensuring consumer safety. The growing emphasis on traceability and the need for reliable tracking solutions significantly boost the adoption of RFID technology in the cold chain industry, driving market growth.
The rapid expansion of e-commerce is a key driver of the Cold Chain RFID Market, as the surge in online retail necessitates efficient and reliable logistics solutions for delivering temperature-sensitive products. The rise of e-commerce platforms has increased the volume of shipments that require strict temperature control, such as fresh food, beverages, and pharmaceuticals. RFID technology facilitates seamless tracking and monitoring of these shipments, ensuring that products are handled appropriately throughout the delivery process. The need for timely and accurate data on product conditions helps e-commerce businesses maintain high standards of quality and customer satisfaction. As e-commerce continues to grow globally, the demand for advanced cold chain management solutions, including RFID systems, escalates, thereby propelling the Cold Chain RFID Market.
Governments are increasingly enforcing standards that necessitate the adoption of advanced technologies like RFID to enhance supply chain transparency and accountability. Compliance with these regulations not only ensures the safety and quality of products but also fosters consumer trust, encouraging businesses to invest in RFID solutions for their cold chain operations. The regulatory push towards enhanced supply chain management significantly boosts the adoption of RFID technology, driving the growth of the Cold Chain RFID Market.
RFID technology provides precise tracking and monitoring, enabling companies to identify inefficiencies and implement corrective measures that lower operational costs. By reducing the incidence of temperature excursions and ensuring that products are maintained within optimal conditions, RFID systems help minimize spoilage and waste, leading to substantial cost savings. Additionally, the automation of inventory management and the reduction of manual labor through RFID technology enhance overall efficiency, further contributing to cost reductions. The ability to achieve higher accuracy and reliability in cold chain operations at a lower cost makes RFID an attractive investment for businesses, driving the adoption and growth of the Cold Chain RFID Market.
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COLD CHAIN RFID MARKET SHARE:
North America leads the market, driven by its advanced logistics infrastructure, high adoption rates of RFID technology in sectors like pharmaceuticals and food, and stringent regulatory standards for cold chain management.
Europe follows closely, with substantial investments in supply chain technologies, strong emphasis on sustainability, and increasing demand for temperature-sensitive products.
Key Companies:
- Alien Technology
- Checkpoint Systems Inc
- Impinj
- Invengo Technology BV
- GAO RFID Inc.
- Avery Dennison Corporation
- Sato Holdings Corporation
- Maka RFID
- Nedap
- Nedap N.V.
- RFID4U (eSmart Source, Inc.)
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– RFID Cold Chain Management Market
– Cold Chain Monitoring Devices Market
– Radio-Frequency Identification (RFID) in Pharmaceuticals Market
– RFID-enabled Scanners Market was estimated to be worth USD 351 Million in 2023 and is forecast to a readjusted size of USD 456.7 Million by 2030 with a CAGR of 3.9% during the forecast period 2024-2030.
– The global Cold-Chain Temperature Loggers market was valued at USD 1120 Million in 2023 and is anticipated to reach USD 2013.3 Million by 2030, witnessing a CAGR of 9.0% during the forecast period 2024-2030.
– Passive RFID Tags for Asset Tracking Market was estimated to be worth USD 103 Million in 2023 and is forecast to a readjusted size of USD 132.3 Million by 2030 with a CAGR of 3.6% during the forecast period 2024-2030.
– RFID Electronic Control Card Market
– Cold Chain Monitoring System Market was estimated to be worth USD 4977.6 Million in 2023 and is forecast to a readjusted size of USD 7248.2 Million by 2030 with a CAGR of 5.4% during the forecast period 2024-2030.
– UHF RFID Chip Market was estimated to be worth USD 683 Million in 2023 and is forecast to a readjusted size of USD 1103.2 Million by 2030 with a CAGR of 7.1% during the forecast period 2024-2030.
– Smart RFID Ear Tag Market was estimated to be worth USD 198 Million in 2023 and is forecast to a readjusted size of USD 263.7 Million by 2030 with a CAGR of 4.2% during the forecast period 2024-2030.
– RFID Inventory Retail Management Market was estimated to be worth USD 7475 Million in 2023 and is forecast to a readjusted size of USD 13150 Million by 2030 with a CAGR of 8.5% during the forecast period 2024-2030.
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Fintech PR
Cost-Effective Solutions: How Online Bookkeeping is Revolutionizing Florida’s Small Businesses
MIAMI, Jan. 8, 2025 /PRNewswire/ — The U.S. accounting services industry, including bookkeeping, is experiencing significant growth, projected to reach over $1 trillion by 2026. This surge reflects the rising demand for innovative financial management solutions, with online bookkeeping emerging as a leading choice for small businesses in Florida.
Online bookkeeping services are meeting this demand by offering cost-effective, efficient, and secure alternatives to traditional financial management. With cloud-based software, businesses can automate processes and access financial data anytime, anywhere, enabling faster, more informed decision-making that boosts both efficiency and productivity.
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“One of the key challenges for small businesses has always been managing finances without overstretching their resources,” says Ajay Mehta, CEO of IBN Technologies. Online bookkeeping solutions provide an efficient, accurate, and cost-effective way to simplify financial management for businesses.
A standout benefit of online bookkeeping is its affordability. Small businesses can significantly reduce costs by eliminating the need for in-house staff and expensive software. Instead, they only pay for the services they need, freeing up resources for critical investments like marketing and growth.
Beyond cost savings, online bookkeeping services enhances accuracy and security. Advanced encryption technology and automated workflows minimize human error and protect sensitive financial data. Small business owners can rest assured knowing their financial records are accurate and secure, enabling them to focus on scaling their operations.
“Financial technology is no longer just about convenience—it’s about empowering businesses to make smarter, data-driven decisions,” added Ajay Mehta, CEO of IBN Technologies. “By adopting online bookkeeping, Florida’s small businesses can position themselves for long-term success in an increasingly competitive market.”
As Florida’s small businesses navigate a competitive landscape, embracing online bookkeeping is no longer just an option—it’s a necessity. Solution providers like IBN Technologies are at the forefront of this transformation, offering tailored, reliable, and cost-effective online bookkeeping services that empower small businesses to simplify financial management and achieve sustainable growth. By partnering with IBN Technologies, businesses gain access to innovative tools and expertise that help them stay ahead in today’s dynamic market.
Therefore, online bookkeeping is changing the game for Florida’s small businesses, delivering cost-effective and secure financial management solutions. By adopting these innovative tools and partnering with trusted providers like IBN Technologies, businesses are empowered to operate more efficiently, allocate resources strategically, and focus on what matters most—driving growth and success.
About IBN Technologies
IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth.
Contact Details:
Pradip
[email protected]
+1 – 844 – 644 – 8440
USA:
IBN Technologies LLC
66 West Flagler Street Suite 900 Miami, FL 33130
India: Global Delivery Centre
IBN Technologies Limited
Kohinoor House, 2nd floor,
691/A/1B, Plot no. 7,
Bibwewadi Road, Pune-411037
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Fintech PR
Davidson Kempner and Afendis complete acquisition of YSCO, advancing Glacier’s ambitions in European ice cream market
LONDON, Jan. 8, 2025 /PRNewswire/ — Davidson Kempner Capital Management LP (“Davidson Kempner“), a global investment management firm, supported by operating partner Afendis Capital Management (“Afendis”), has completed the acquisition (the “Transaction”) of ice cream producer YSCO through its ice cream investments platform, Glacier. Financial terms of the transaction were not disclosed.
The acquisition is transformational for Glacier’s ambitions to grow in the global ice cream industry, with YSCO joining Gelato d’Italia which was acquired in 2022. Gelato d’Italia is a leading independent ice cream producer with two sites in Italy and a key innovation and manufacturing partner for ice cream brand owners and retailers worldwide.
Bringing Gelato d’Italia together with YSCO will create one of the largest third-party ice cream manufacturers globally with revenues in excess of €600 million. Aligned in their commitments to innovation, efficiency and customer satisfaction, the companies are highly complementary in operations and ethos.
YSCO works closely with almost all the mainstream European retailers for the co-creation and production of their home-brand ice cream products. YSCO has production capabilities in Belgium and France and distributes up to 200 million liters of ice cream per year, predominately within the European market.
Glacier aims to leverage its scale to become a key partner to ice cream brand owners worldwide, aided by its commitment to delivering the fastest ideation-to-launch for new products.
Working with these international brand owners, Glacier is targeting international expansion and becoming the third-party ice cream manufacturer of choice.
Bert Van Nieuwenborgh, CEO of YSCO, said:
“This acquisition represents an exciting opportunity for YSCO to accelerate our growth as part of Glacier’s ambitious vision. As Europe’s second-largest private label ice cream producer, our expertise in large batch production and strong retailer relationships perfectly complement Glacier’s innovative approach. Together, we are well-positioned to lead the way in a rapidly growing and evolving market, delivering exceptional value to our partners and customers.”
Cem Karakaş, Chairperson of Glacier and Partner at Afendis, said:
“Glacier is perfectly positioned to capitalize on strong growth in the fragmented European third-party ice cream sector. By building on the success of Gelato d’Italia and leveraging YSCO’s scale and expertise in long-run production of large batch products, Glacier is well-placed to be a leading player in Europe. This acquisition will be the launchpad for further expansion across the globe.”
About Davidson Kempner Capital Management LP
Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has approximately $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.
About Afendis Capital Management
Afendis Capital Management is a specialist investor and investment manager of food and pharmaceutical businesses.
About Glacier
Glacier is a global ice cream investments platform backed by Davidson Kempner Capital Management and Afendis Capital Management. It unites leading producers like YSCO and Gelato d’Italia, creating one of the world’s largest third-party manufacturers with revenues over €600 million. Glacier specializes in innovation, efficiency, and rapid ideation-to-launch, partnering with brand owners and retailers worldwide to drive growth and set new industry standards.
Contact details:
Davidson Kempner Capital Management LP
[email protected]
Afendis Capital Management
Matthew Frost
[email protected]
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