Connect with us
European Gaming Congress 2024

Fintech PR

Waterdrop Inc. Announces Second Quarter 2024 Unaudited Financial Results and a Special Cash Dividend, Net profit rises 306.9% year-on-year

Published

on

waterdrop-inc-announces-second-quarter-2024-unaudited-financial-results-and-a-special-cash-dividend,-net-profit-rises-306.9%-year-on-year

BEIJING, Sept. 4, 2024 /PRNewswire/ — On September 4, 2024, Waterdrop Inc. (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare services with a positive social impact, unveiled its unaudited financial results for the second quarter of 2024 ended June 30, 2024. During the quarter, Waterdrop reported net operating revenue of RMB 676 million. Net profit attributable to ordinary shareholders totaled RMB 88.3 million, up 306.9% from the previous year, sustaining profitability for the tenth consecutive quarter. Operating expenses, including sales, administrative, and R&D costs, accounted for 45.1% of revenue, a decrease of 12 percentage points year-on-year.

In addition, Waterdrop also completed the first special cash dividend in the past quarter. Waterdrop declared that, with the board approval, the company will soon start the second special cash dividend of approximately US$7.5 million.

Since announcing its share repurchase program in September 2021, as of August 31, 2024, Waterdrop has repurchased approximately 49.3 million American Depositary Shares (ADSs) from the open market. The board of the directors of the Company has approved a new share repurchase program whereby the Company is authorized to repurchase its own ordinary shares in the form of American depository shares with an aggregate value of up to US$50 million during the 12-month period through September 9, 2025.

Insurance Business Operating Profit Totaled RMB 123 Million

Waterdrop’s insurance-related revenue amounted to RMB573.8 million in the second quarter of 2024. The insurance business operating profit reached RMB 123 million in Q2 2024. First-year premiums (FYPs) generated by insurance business amounted to RMB 1,778.6 million.

Waterdrop Insurance Marketplace continually improved online traffic conversion capabilities and efficiency, driving the number of new users to grow at 15.8%. At the same time,Waterdrop’s insurance business effectively sustained the policy renewal rate at a high level.

Committed to investment in technology, Waterdrop further piloted Shuishou large language model (“LLM”), known as “Waterdrop Guardian”, in multiple service scenarios covering medical, critical illness, and auto insurance categories. During the quarter, the Company landed a strategic cooperation with a property & casualty insurer. This is the first time Waterdrop exports a customized solution for non-life insurance and the company looks forward to empowering more industry partners with AI solutions.

Waterdrop Medical Crowdfunding Raised RMB 65.1 Billion for 3.25 Million Patients

During the quarter, Waterdrop Medical Crowdfunding upheld its mission of “saving lives” with remarkable success. As of June 30, 2024, around 461 million people cumulatively donated an aggregate of RMB65.1 billion to 3.25 million patients through Waterdrop Medical Crowdfunding. Despite recording an operating loss of approximately RMB 22.9 million, the losses have narrowed compared to previous periods.

Waterdrop’s healthcare-related business has maintained its growth in the second quarter of 2024, generating revenues of approximately RMB 26.4 million. As of June 30, 2024, the Company had cumulatively enrolled nearly 8,600 patients into over 1,050 clinical trial programs through the E-Find Platform.

Advertisement

Shen Peng, Founder and CEO of Waterdrop, said, “In this quarter, we firmly implemented our high-quality development strategy, enhancing user experience through technological innovation and driving sustainable growth across all our businesses. Looking ahead, we will further strengthen our core operations, actively explore opportunities to apply large language model within the industry amid the new wave of AI,and strive to create greater commercial and social value.Meanwhile,we are grateful for the ongoing support from our users,partners,shareholders and investors. We’re committed to repaying this trust with top-notch service and solid profitability.”

View original content:https://www.prnewswire.co.uk/news-releases/waterdrop-inc-announces-second-quarter-2024-unaudited-financial-results-and-a-special-cash-dividend-net-profit-rises-306-9-year-on-year-302237933.html

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Fintech PR

Apt.Residential Selects Yardi’s Technology to Support BTR Projects

Published

on

apt.residential-selects-yardi’s-technology-to-support-btr-projects

Australian property developer and operator to utilise innovative cloud platform for construction and investment accounting

SYDNEY, Sept. 18, 2024 /PRNewswire/ — Apt.Residential, an owner, developer and operator of residential properties in Australia, has chosen Yardi’s single connected platform to support growth, connect teams and manage capex projects and build.

With Yardi®, Apt.Residential can manage its funds and simplify complex financial processes, mitigate risk and deliver real-time insights into projects. The platform provides more visibility from investor to asset and delivers enhanced and accurate reporting. The company can access live data for costing, expenses, and revenue on all projects, from ground-up development to single-unit improvements and will allow Apt.Residential to grow the volume of units within BTR once they have operational units.

“We wanted to find the best platform for BTR that would support growth, streamline management of capex projects and handle our complex accounting,” said Michael Hogg, co-founder & head of operations for Apt.Residential. “Yardi’s single integrated platform was the best solution as it ensures our team can connect on one system and not worry about integrations or using multiple platforms.”

“We’re excited to work with Apt.Residential and support its growth as the company expands its BTR projects,” said Neal Gemassmer, vice president and general manager for Yardi. “Our connected platform will help Apt.Residential enhance communication and set them up so they’re ready to operate once development has completed.”

See how Yardi’s end-to-end technology can help drive your digitalisation strategies.

About Apt.Residential
Apt.Residential is a leading vertically integrated owner, developer, and operator of residential properties in Australia backed by global institutional capital. The company develops residential communities where wellbeing and connectedness come first. Its human-centric approach allows Apt.Residential to shape places for people who crave comfort, community, and elevated living. For more information, please visit aptresidential.au.

Advertisement

About Yardi

Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energised for Tomorrow, visit yardi.com.au.

Photo – https://mma.prnewswire.com/media/2508843/Yardi_AptResidential.jpg
Logo – https://mma.prnewswire.com/media/737275/Yardi_Logo.jpg

 

 

Cision View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/aptresidential-selects-yardis-technology-to-support-btr-projects-302252015.html

Continue Reading

Fintech PR

NewCo Capital Group Continues Global Expansion as 2024 Milestones Set The Stage for an Ambitious Q4

Published

on

newco-capital-group-continues-global-expansion-as-2024-milestones-set-the-stage-for-an-ambitious-q4

NEW YORK, Sept. 18, 2024 /PRNewswire/ — As Q4 fast approaches, NewCo Capital Group (“NewCo”) and Australia-based Bizcap are finalizing year-end initiatives to strategically position both companies for an ambitious expansion in 2025.

Both companies have celebrated a highly successful 2024, marked by remarkable and accelerated growth. This momentum has been driven by Bizcap’s unique Line of Credit product, NewCo’s introduction of their “Line of Capital” product and the launch of NewCo’s new mobile app. CEO Albert Gahfi emphasized the importance of closing 2024 on a high note to set the stage for future growth. “We’ve had an exceptional year so far, but our focus is on what comes next. We’re building the foundation for 2025 and beyond, ensuring that NewCo and Bizcap are positioned for continued global expansion.”

The plan for Q4 includes deepening their presence in existing markets while making calculated moves into new territories, including Singapore, Germany, and Luxembourg. “There are new opportunities in emerging markets that are currently underserved, where we believe we can make a significant impact. As a result, 2025 promises to be an exciting year for SMB financing globally.”

By reinforcing their operational and technological infrastructure, the companies are preparing to meet the demands of a rapidly evolving global financing landscape. “2024 has been a year of strong growth, but we’re not stopping here,” Gahfi said. “We are focused on delivering innovative financing solutions that not only meet the needs of today but also anticipate the demands of tomorrow. As we head into 2025, we’re ready to expand our reach and provide even more businesses with the capital they need.”

Part of a multinational collaboration, NewCo and Bizcap have successfully deployed over $1.5 billion to over 35,000 businesses worldwide. Gahfi commented, “We’re moving capital faster and more effectively than any other sector and our clients are benefiting from that growth.”

NewCo’s strength lies in its ability to adapt quickly, using a unique mix of proprietary technology, nuanced underwriting, and an experienced risk management team. The companies’ hybrid approach is challenging outdated financing models, making NewCo a preferred partner for SMBs looking for custom capital solutions that truly fit their needs.

“We’re not just growing; we’re leading,” Gahfi added. “As we expand globally, our goal remains the same—helping small businesses scale, create jobs, and thrive.”

With a clear strategy and a relentless focus on delivering value, NewCo Capital Group is primed to deepen its market influence and capitalize on emerging opportunities. As the company prepares for its next wave of market entries, Q4 will serve as a pivotal launchpad for an even more ambitious 2025, setting the stage for continued growth and global leadership.

For more information, visit www.NewCoCapitalGroup.com.

Contact:

Advertisement

NewCo Capital Group
Email: [email protected]
Website: www.NewCoCapitalGroup.com

Logo – https://mma.prnewswire.com/media/2489715/NewCo_Capital_Group_and_bizcap_Logo.jpg 

Cision View original content:https://www.prnewswire.co.uk/news-releases/newco-capital-group-continues-global-expansion-as-2024-milestones-set-the-stage-for-an-ambitious-q4-302252281.html

Continue Reading

Fintech PR

Zulu Ecosystems and Severn Trent Water secure Innovate UK funding to pioneer catchment-scale Nature-based Solutions

Published

on

zulu-ecosystems-and-severn-trent-water-secure-innovate-uk-funding-to-pioneer-catchment-scale-nature-based-solutions
  • Partnership aims to develop innovative funding model for nature-based solutions that enhance water resilience in the Idle and Torne catchment, a priority area for environmental improvement
  • Project will aggregate supply and demand for ecosystem services across the 1,200km2 catchment, benefiting both nature and local communities
  • Led by Zulu Ecosystems, the collaboration seeks to accelerate private investment in nature recovery while addressing critical water challenges

LONDON, Sept. 18, 2024 /PRNewswire/ — Zulu Ecosystems and Severn Trent Water have been awarded funding from Innovate UK, the UK’s innovation agency, for a £580,000 project to develop a groundbreaking catchment system operator model for unlocking private investment in nature. The project aims to enhance water resilience and deliver multiple benefits for both nature and local communities in the Idle and Torne River catchment.

The Idle and Torne catchment, identified as a priority catchment by the Environment Agency, faces significant challenges including drought risk, flood vulnerability, and water quality issues. Approximately 60% of water bodies in the catchment currently fail to meet good ecological status. However, the area also presents substantial opportunities for nature recovery, with potential to restore over 5,000 hectares of priority habitats and significantly improve water resources management.

This innovative partnership will leverage Zulu Ecosystems’ cutting-edge natural capital assessment capabilities and Severn Trent Water’s expertise in water management to create a scalable approach for funding and delivering nature-based solutions. The project will focus on interventions such as woodland creation, wetland restoration, and riparian woodland to address the catchment’s pressing environmental challenges. The project will engage local stakeholders, including farmers, landowners, and community groups, to ensure that interventions reflect local needs and knowledge.

Ed Asseily, CEO of Zulu Ecosystems, said:

“This funding from Innovate UK is a game-changer for how we approach local nature recovery and water resilience. By developing a catchment-scale model that aggregates both the supply of and demand for ecosystem services, we can accelerate the flow of private capital into nature-based solutions.”

Severn Trent Water will play a key role as the project’s System Operator, strategically coordinating plans and aligning stakeholder priorities to maximise outcomes for water services and the environment.

Richard Smith, Strategic Asset Planning Manager at Severn Trent Water, commented:

“We’re excited to partner with Zulu Ecosystems on this transformative project. By adopting a system operator approach, we can ensure that investments in nature-based solutions deliver the greatest possible benefits for our customers, local communities, and the environment.”

This project has been funded by Innovate UK as part of the ‘Integrating Finance and Biodiversity for a Nature Positive Future’ programme, a joint initiative between the Natural Environment Research Council (NERC) and Innovate UK. This £7 million programme aims to develop solutions that embed the values of biodiversity into financial decision-making.

By bridging the gap between nature recovery and water resilience, this project has the potential to create a replicable model for sustainable landscape management across the UK. Innovate UK’s support underscores the national significance of developing new approaches to environmental management that can deliver multiple benefits, including improved water security, enhanced biodiversity, climate resilience, and potential new income streams for landowners.

Over the next 9 months, the project team will work closely with local stakeholders to identify priority interventions and develop a portfolio of investable nature-based solutions. The project aims to demonstrate how multi-stakeholder nature-based projects can be developed, funded, and delivered at catchment-scale to address climate adaptation and reverse biodiversity loss. Findings will be published to help scale similar initiatives across the UK and beyond.

Advertisement

For more information, please contact:
[email protected]
[email protected]

View original content:https://www.prnewswire.co.uk/news-releases/zulu-ecosystems-and-severn-trent-water-secure-innovate-uk-funding-to-pioneer-catchment-scale-nature-based-solutions-302252188.html

Continue Reading

Trending