Fintech PR
JCET Q2 2024 Net Profit Attributable to the Parent Increased by 258% Quarter-on-Quarter, Hitting a Record High for Revenue
Q2 2024 Financial Highlights:
- Revenue was RMB 8.64 billion, an increase of 36.9% year-on-year and 26.3% quarter-on-quarter. A record high Q2 in the company’s history.
- Generated RMB 1.65 billion cash from operations. With net capex investments of RMB 0.93 billion, free cash flow for the quarter was RMB 0.72 billion.
- Net profit attributable to owners of the parent was RMB 0.48 billion, an increase of 25.5% year-on-year and 258.0% quarter-on-quarter.
- Earnings per share was RMB 0.27, as compared to RMB 0.22 in Q2 2023.
1H 2024 Financial Highlights:
- Revenue was RMB 15.49 billion, an increase of 27.2% year-on-year.
- Generated RMB 3.03 billion cash from operations. With net capex investments of RMB 1.87 billion, free cash flow for the first half of 2024 was RMB 1.16 billion.
- Net profit attributable to owners of the parent was RMB 0.62 billion, an increase of 25.0% year-on-year.
- Earnings per share was RMB 0.35, as compared to RMB 0.28 in 1H 2023.
SHANGHAI, Aug. 23, 2024 /PRNewswire/ — Today, JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, announced its financial results for the first half year of 2024. The financial report shows that in the first half of 2024, JCET achieved revenue of RMB 15.49 billion, and net profit attributable to owners of the parent of RMB 0.62 billion, both increased over 25%. In Q2 2024 JCET achieved revenue of RMB 8.64 billion, an increase of 36.9% year-on-year, a record high Q2 in the company’s history, and net profit attributable to owners of the parent of RMB 0.48 billion, an increase of 25.5% year-on-year and 258.0% quarter-on-quarter, generating RMB 1.65 billion cash from operations.
During the reporting period, the company’s capacity utilization has significantly increased, with enlarged investment to expand production capacity of core production lines. In the first half of the year, the revenue of communications, computing, and consumer electronics businesses increased respectively by 48%, 23%, and 33% year-on-year. The company is consistently strengthening the research and development in advanced packaging technologies, with R&D investment of RMB 0.82 billion in 1H 2024, a year-on-year increase of 22.4%.
JCET is also actively promoting strategic projects to enhance its smart manufacturing. After two years construction, the new advanced packaging factory “JCET Microelectronics Wafer-level Microsystems Integration High-end Manufacturing Base” with an area of over 130,000 square meters is progressing with equipment mobilization. The new automotive chip back-end manufacturing base has completed building the factory structure. The acquisition of a high-density memory chip packaging factory has obtained necessary approvals, and the project is progressing towards completion.
Mr. Li Zheng, CEO of JCET, said, “JCET actively promotes innovative applications of advanced packaging technologies and continues to expand its production capacity in China, Singapore and South Korea, with steady growth in performance in the first half of 2024. The company will continue to increase investment in R&D and strategic projects, strengthen innovation cooperation in the industrial chain and sustainable development, and create higher value for shareholders, customers, employees and society.”
For more information, please refer to the JCET 1H FY2024 Report.
About JCET Group
JCET Group is the world’s leading integrated-circuit manufacturing and technology services provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.
Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive, and industrial, through advanced wafer-level packaging, 2.5D/3D, System-in-Package, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, eight manufacturing locations in China, Korea, and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to our global customers.
CONSOLIDATED BALANCE SHEET (Unaudited) |
RMB in millions |
||||||||
Jun 30, 2024 |
Dec 31, 2023 |
||||||||
ASSETS |
|||||||||
Current assets |
|||||||||
Currency funds |
10,621 |
7,325 |
|||||||
Trading financial assets |
1,605 |
2,306 |
|||||||
Derivative financial assets |
0 |
4 |
|||||||
Accounts receivable |
4,066 |
4,185 |
|||||||
Receivables financing |
71 |
38 |
|||||||
Prepayments |
132 |
104 |
|||||||
Other receivables |
115 |
87 |
|||||||
Inventories |
3,408 |
3,195 |
|||||||
Other current assets |
393 |
375 |
|||||||
Total current assets |
20,411 |
17,619 |
|||||||
Non-current assets |
|||||||||
Long-term receivables |
31 |
33 |
|||||||
Long-term equity investments |
666 |
695 |
|||||||
Other equity investments |
434 |
447 |
|||||||
Investment properties |
84 |
86 |
|||||||
Fixed assets |
18,408 |
18,744 |
|||||||
Construction in progress |
2,039 |
1,053 |
|||||||
Right-of-use assets |
519 |
563 |
|||||||
Intangible assets |
659 |
662 |
|||||||
Goodwill |
2,262 |
2,248 |
|||||||
Long-term prepaid expenses |
13 |
17 |
|||||||
Deferred tax assets |
377 |
364 |
|||||||
Other non-current assets |
66 |
48 |
|||||||
Total non-current assets |
25,558 |
24,960 |
|||||||
Total assets |
45,969 |
42,579 |
|||||||
LIABILITIES AND EQUITY |
Jun 30, 2024 |
Dec 31, 2023 |
|||||||
Current liabilities |
|||||||||
Short-term borrowings |
467 |
1,696 |
|||||||
Derivative financial liabilities |
2 |
0 |
|||||||
Notes payable |
300 |
223 |
|||||||
Accounts payable |
5,773 |
4,782 |
|||||||
Contract liabilities |
260 |
185 |
|||||||
Employee benefits payable |
732 |
781 |
|||||||
Taxes and surcharges payable |
116 |
167 |
|||||||
Other payables |
368 |
354 |
|||||||
Current portion of long-term liabilities |
1,806 |
1,491 |
|||||||
Other current liabilities |
2 |
3 |
|||||||
Total current liabilities |
9,826 |
9,682 |
|||||||
Non-current liabilities |
|||||||||
Long-term borrowings |
7,749 |
5,777 |
|||||||
Lease liabilities |
480 |
530 |
|||||||
Long-term payables |
3 |
0 |
|||||||
Long-term employee benefits payable |
14 |
14 |
|||||||
Deferred income |
438 |
384 |
|||||||
Other non-current liabilities |
38 |
41 |
|||||||
Total non-current liabilities |
8,722 |
6,746 |
|||||||
Total liabilities |
18,548 |
16,428 |
|||||||
Equity |
|||||||||
Paid-in capital |
1,789 |
1,789 |
|||||||
Capital reserves |
15,228 |
15,237 |
|||||||
Accumulated other comprehensive income |
591 |
543 |
|||||||
Specialized reserves |
1 |
0 |
|||||||
Surplus reserves |
257 |
257 |
|||||||
Unappropriated profit |
8,680 |
8,239 |
|||||||
Total equity attributable to owners of the parent |
26,546 |
26,065 |
|||||||
Minority shareholders |
875 |
86 |
|||||||
Total equity |
27,421 |
26,151 |
|||||||
Total liabilities and equity |
45,969 |
42,579 |
|||||||
CONSOLIDATED INCOME STATEMENT (Unaudited) |
RMB in millions, except share data |
||||||||
Three months ended |
Six months ended |
||||||||
Jun 30, 2024 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
||||||
Revenue |
8,645 |
6,313 |
15,487 |
12,173 |
|||||
Less: Cost of sales |
7,410 |
5,359 |
13,417 |
10,525 |
|||||
Taxes and surcharges |
22 |
27 |
35 |
47 |
|||||
Selling expenses |
64 |
51 |
118 |
100 |
|||||
Administrative expenses |
209 |
175 |
433 |
347 |
|||||
Research and development expenses |
438 |
360 |
819 |
669 |
|||||
Finance expenses |
(19) |
(7) |
(11) |
51 |
|||||
Including: Interest expenses |
99 |
68 |
192 |
131 |
|||||
Interest income |
80 |
27 |
141 |
35 |
|||||
Add: Other income |
47 |
40 |
86 |
73 |
|||||
Investment income / (loss) |
(4) |
(24) |
(14) |
(21) |
|||||
Including: Income / (loss) from investments in associates and joint ventures |
(12) |
(10) |
(29) |
(21) |
|||||
Gain / (loss) on changes in fair value of financial assets/liabilities |
0 |
37 |
(5) |
46 |
|||||
Credit impairment (loss is expressed by “-“) |
(14) |
(6) |
(7) |
(1) |
|||||
Asset impairment (loss is expressed by “-“) |
(20) |
(5) |
(38) |
0 |
|||||
Gain / (loss) on disposal of assets |
2 |
13 |
5 |
16 |
|||||
Operating profit / (loss) |
532 |
403 |
703 |
547 |
|||||
Add: Non-operating income |
0 |
2 |
1 |
3 |
|||||
Less: Non-operating expenses |
2 |
0 |
2 |
4 |
|||||
Profit / (loss) before income taxes |
530 |
405 |
702 |
546 |
|||||
Less: Income tax expenses |
47 |
19 |
85 |
50 |
|||||
Net profit / (loss) |
483 |
386 |
617 |
496 |
|||||
Classified by continuity of operations |
|||||||||
Profit / (loss) from continuing operations |
483 |
386 |
617 |
496 |
|||||
Classified by ownership |
|||||||||
Net profit / (loss) attributable to owners of the parent |
484 |
386 |
619 |
496 |
|||||
Net profit / (loss) attributable to minority shareholders |
(1) |
0 |
(2) |
0 |
|||||
Add: Unappropriated profit at beginning of period |
8,374 |
7,264 |
8,239 |
7,154 |
|||||
Less: Cash dividends declared |
178 |
358 |
178 |
358 |
|||||
Unappropriated profit at end of period (attributable to owners of the parent) |
8,680 |
7,292 |
8,680 |
7,292 |
|||||
Other comprehensive income, net of tax |
36 |
481 |
48 |
350 |
|||||
Comprehensive income attributable to owners of the parent |
36 |
481 |
48 |
350 |
|||||
Comprehensive income not be reclassified to profit or loss |
(8) |
6 |
(13) |
17 |
|||||
Remeasurement gains or losses of a defined benefit plan |
0 |
0 |
0 |
1 |
|||||
Change in the fair value of other equity investments |
(8) |
6 |
(13) |
16 |
|||||
Comprehensive income to be reclassified to profit or loss |
44 |
475 |
61 |
333 |
|||||
Exchange differences of foreign currency financial statements |
44 |
475 |
61 |
333 |
|||||
Total comprehensive income |
519 |
867 |
665 |
846 |
|||||
Including: |
|||||||||
Total comprehensive income attributable to owners of the parent |
520 |
867 |
667 |
846 |
|||||
Total comprehensive income attributable to minority shareholders |
(1) |
0 |
(2) |
0 |
|||||
Earnings per share |
|||||||||
Basic earnings per share |
0.27 |
0.22 |
0.35 |
0.28 |
|||||
Diluted earnings per share |
0.27 |
0.22 |
0.35 |
0.28 |
|||||
CONSOLIDATED CASH FLOW STATEMENT (Unaudited) |
RMB in millions |
||||||||
Three months ended |
Six months ended |
||||||||
Jun 30, 2024 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||
Cash receipts from the sale of goods and the rendering of services |
8,784 |
6,178 |
16,590 |
13,162 |
|||||
Receipts of taxes and surcharges refunds |
81 |
122 |
198 |
216 |
|||||
Other cash receipts relating to operating activities |
181 |
110 |
283 |
163 |
|||||
Total cash inflows from operating activities |
9,046 |
6,410 |
17,071 |
13,541 |
|||||
Cash payments for goods and services |
6,078 |
4,069 |
11,254 |
8,454 |
|||||
Cash payments to and on behalf of employees |
1,056 |
878 |
2,248 |
2,072 |
|||||
Payments of all types of taxes and surcharges |
197 |
254 |
289 |
466 |
|||||
Other cash payments relating to operating activities |
61 |
22 |
253 |
128 |
|||||
Total cash outflows from operating activities |
7,392 |
5,223 |
14,044 |
11,120 |
|||||
Net cash flows from operating activities |
1,654 |
1,187 |
3,027 |
2,421 |
|||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||
Cash receipts from returns of investments |
4,800 |
4,350 |
9,050 |
8,280 |
|||||
Cash receipts from investment income |
2 |
38 |
15 |
52 |
|||||
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets |
2 |
7 |
5 |
32 |
|||||
Total cash inflows from investing activities |
4,804 |
4,395 |
9,070 |
8,364 |
|||||
Cash payments to acquire fixed assets, intangible assets and other long-term assets |
937 |
749 |
1,870 |
1,588 |
|||||
Cash payments for investments |
4,650 |
3,200 |
8,350 |
5,980 |
|||||
Total cash outflows from investing activities |
5,587 |
3,949 |
10,220 |
7,568 |
|||||
Net cash flows from investing activities |
(783) |
446 |
(1,150) |
796 |
|||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||
Cash proceeds from investments by others |
6 |
230 |
776 |
230 |
|||||
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries |
0 |
86 |
765 |
86 |
|||||
Cash receipts from borrowings |
728 |
1,317 |
3,007 |
1,664 |
|||||
Total cash inflows from financing activities |
734 |
1,547 |
3,783 |
1,894 |
|||||
Cash repayments for debts |
657 |
755 |
1,963 |
1,740 |
|||||
Cash payments for distribution of dividends or profit and interest expenses |
272 |
414 |
352 |
467 |
|||||
Other cash payments relating to financing activities |
34 |
16 |
53 |
48 |
|||||
Total cash outflows from financing activities |
963 |
1,185 |
2,368 |
2,255 |
|||||
Net cash flows from financing activities |
(229) |
362 |
1,415 |
(361) |
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
2 |
45 |
4 |
37 |
|||||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
644 |
2,040 |
3,296 |
2,893 |
|||||
Add: Cash and cash equivalents at beginning of period |
9,977 |
3,306 |
7,325 |
2,453 |
|||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
10,621 |
5,346 |
10,621 |
5,346 |
Logo – https://mma.prnewswire.com/media/1711480/JCET_Logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/jcet-q2-2024-net-profit-attributable-to-the-parent-increased-by-258-quarter-on-quarter-hitting-a-record-high-for-revenue-302229441.html
Fintech PR
Nium Expands Across Australia and New Zealand, Driven by Increased Adoption from Financial Institutions and Spend Management Platforms
Spend management platform, RedOwl, joins as latest partner;
Nium has seen monthly payment volume grow by 3X over the last twelve months, in the Oceania region
SYDNEY, Sept. 17, 2024 /PRNewswire/ — Nium, the global leader in real-time cross-border payments, today announced that its monthly payment volume grew by 3X in Oceania, over the last year. This growth has been driven by a surge in adoption from financial institutions and spend management platforms, with AI platform, RedOwl, being the latest partner to join the Nium network. RedOwl’s immediate goal is to bring AI to corporate cards, joining spend management category leaders Weel and Budgetly, who have turned to Nium for white-label card issuing and cross-border payouts.
RedOwl is bringing the power of AI into payment rails, championing intelligence and real-time decision making when it comes to card related payments. “We chose Nium because of their unparalleled infrastructure and expertise in powering modern payments. Their solutions allow us to enter the market faster and deliver greater value to our customers,” said Jitto Arulampalam, Co-founder and CEO at RedOwl.
Budgetly has been a Nium customer since 2020. The company tapped Nium to provide more convenience and control to its SME clientele through the provision of pre-paid cards for expense management processes. “Partnering with Nium has been a game-changer for Budgetly,” said Simon Lenoir, CEO and Founding Director at Budgetly. “Through Nium, we recently launched our international bill payment solution, offering our customers the ability to make payments effortlessly via one portal. This partnership has allowed us to scale rapidly and offer seamless experiences for our customers.”
“The spend management industry is booming in Australia, with businesses increasingly turning to Nium for its white-label card issuing and cross-border payment solutions,” said Anupam Pahuja, EVP and GM for APAC, Middle East, and Africa at Nium. “Our platform solves complex payment problems across a wide range of verticals, including travel, payroll, insurance, and e-commerce. Our card issuance solution has already issued over 75 million cards globally, supporting major global brands. This, along with Nium’s extensive geographical coverage and B2B infrastructure focus, positions the company as a critical enabler for businesses looking to scale in Australia, New Zealand, and beyond.”
In addition to its success in Australia, Nium recently achieved another critical milestone by registering as a Financial Service Provider in New Zealand. This pivotal step marks the company’s entry into the dynamic financial landscape of New Zealand, allowing it to extend its comprehensive suite of financial solutions to local businesses. Nium expects that its offerings will range from virtual accounts and global payouts to debit and prepaid cards, enabling businesses to streamline operations and improve their financial efficiency.
“Becoming a registered Financial Service Provider in New Zealand reaffirms our commitment to delivering innovative financial solutions globally,” continued Pahuja. “Our presence in New Zealand, alongside our established operations in Australia, positions us as a key player in the region’s financial ecosystem, empowering businesses to thrive through our technology.”
Since its founding ten years ago, Nium has raised over $300 million USD (up to Series E). In October 2023, Nium celebrated its Centaur status, reaching $100 million USD in aggregate net revenue — a milestone achieved by only 1% of startups globally. This achievement underscores Niums rapid growth and leadership in enabling seamless global financial services for businesses.
About Nium
Nium, the global leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
Media contacts:
Anjali DMello,
+6591812542,
[email protected]
Logo – https://mma.prnewswire.com/media/1678669/4916279/Nium_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/nium-expands-across-australia-and-new-zealand-driven-by-increased-adoption-from-financial-institutions-and-spend-management-platforms-302250573.html
Fintech PR
Gold and Fractal EMS Announce a Partnership for an American BMS
ANAHEIM, Calif., Sept. 17, 2024 /PRNewswire/ — Fractal EMS Inc. (“Fractal”), a leading provider of advanced solar and storage controls, has announced a groundbreaking partnership with Gold Electronic Equipment Inc. (“Gold”), a leading high-tech company specializing in R&D, active balancing technology and manufacturing of the battery management system (BMS). A signing ceremony and celebration was held on September 9th at the RE+ clean energy conference in Anaheim, California. The new partnership will provide a cybersecure American BMS to customers worldwide (“Fractal BMS”).
The Fractal BMS provides a 3-level BMS architecture (module, rack and system). The design of the Fractal BMS has been finalized, featuring an American-sourced chip, printed circuit board assembly (PCBA), and cybersecurity, ensuring compliance with U.S. policies for sourcing and critical infrastructure protection. The Fractal BMS has the option to provide active cell balancing to maximize each battery cell’s useful capacity and life.
“Other companies proposing an American BMS have not addressed the cybersecurity concerns of the BMS. Some companies are licensing a foreign BMS or only providing a top-level device, neither of which cure cybersecurity threats and vulnerabilities. We are thrilled to collaborate with Gold to bring this advanced American BMS to the market. This partnership underscores our commitment to innovation, security, and supporting American technology,” said Daniel Crotzer, CEO at Fractal EMS.
Fractal BMS is scheduled for UL testing in late October 2024 and aims to become the gold standard for BESS deployments to mitigate risks associated with Foreign Entities of Concern (FEOC) and known cyber vulnerabilities in programmable devices. The American BMS will be available to battery manufacturers globally, offering a reliable and secure solution for battery management needs.
Logo – https://mma.prnewswire.com/media/2507751/fractal_ems_Logo.jpg
Photo – https://mma.prnewswire.com/media/2507752/Fractal_EMS_Inc.jpg
View original content:https://www.prnewswire.co.uk/news-releases/gold-and-fractal-ems-announce-a-partnership-for-an-american-bms-302250787.html
Fintech PR
Ascenda partners with Uber for first-of-a-kind points redemption for consumers worldwide
NEW YORK, Sept. 17, 2024 /PRNewswire/ — Ascenda, the global premium rewards network, today announced it has expanded its rewards network in order to enable fintech and banking clients’ customers to redeem their reward points in partnership with Uber. These credits will appear in users’ Uber wallets, and can be applied towards the cost of any of their products.
Uber is available in over 70 countries and powers over 30 million rideshares each day. With a global presence, the ability for millions of customers to earn Uber credits aims to deliver more engagement across Uber Rides, Uber Eats, and any other Uber offering in respective local markets.
“We’re committed to adding value for our users, with ease and flexibility at the forefront of our customer experience,” said Jenna Brown, Head of Uber for Business UK. “Our partnership with Ascenda will help us deliver this value to Uber users worldwide.”
“We’re building the most comprehensive consumer engagement ecosystem in the market,” said Josh Berwitz, CCO of Ascenda. “This exciting partnership with Uber enables us to bring tangible rewards and redemption experiences at scale, delivering compelling value and stronger relationships between our financial service clients, our rewards partners, and consumers.”
About Ascenda
Ascenda powers the growth of financial service brands and merchants globally with premium rewards propositions that accelerate customer acquisition, increase usage, and drive retention. Its best-in-class customer engagement platform is simple to deploy and powered by a unique global network of premium content that unlocks exceptional end-user value.
For more information, please visit ascenda.com.
About Uber
Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 49 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
Photo – https://mma.prnewswire.com/media/2507669/202409_Ascenda_Uber_2.jpg
Logo – https://mma.prnewswire.com/media/1948326/Ascenda_Blue_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ascenda-partners-with-uber-for-first-of-a-kind-points-redemption-for-consumers-worldwide-302250605.html
-
Fintech PR6 days ago
Global Health Exhibition Announces Opportunity for Healthcare Startups to secure over 100,000 SAR in Vision NextGen Competition Designed to Fast-Track Health Innovations
-
Fintech PR6 days ago
Office of family of Yerzhan Tatishev fight for justice: Convicted assassin could be released early in Kazakhstan
-
Fintech PR6 days ago
Onix Positioned as the Leader in the 2024 SPARK Matrix for Cloud Cost Management & Optimization by QKS Group
-
Fintech PR6 days ago
QNB Share Buyback
-
Fintech PR5 days ago
Medius Wins 2024 ISV Partner of the Year Award in Sweden
-
Fintech PR6 days ago
Trintech Named Workday Innovation Partner and Earns Workday Packaged Solution Badges
-
Fintech PR6 days ago
Over 3,000 Business Meetings Mark the Start of BTM 2024
-
Fintech PR6 days ago
HTX Ventures and HTX DAO Lead Web3 Investments and Innovation Discussions at Korea Blockchain Week 2024