- J&T Global Express reports positive adjusted EBITDA of $146.7 million for 2023.
- China business turns profitable, while Southeast Asia remains the biggest profit driver.
- J&T implements proven China strategies in Southeast Asia, boasting the largest regional market share.
Just one quarter after its IPO, logistics giant J&T Global Express has reported a positive adjusted EBITDA of US$146.7 million for the full year 2023.
The company attributed this milestone to a 29% year-on-year increase in parcel volume across all its global markets, reaching an impressive 18.8 billion parcels in 2023.
China business turns full of luck
J&T’s China business, operating under the Jitu Express brand, turned profitable for the first time in 2023, contributing US$30.7 million to the company’s adjusted EBITDA.
The company noted that social commerce has become a significant growth driver, benefiting all its delivery services by transforming consumer behaviors.
Applying proven strategies in Southeast Asia
Southeast Asia remained J&T’s biggest profit driver, generating US$375.7 million in adjusted EBITDA for 2023.
The company has begun implementing strategies from its China business to its Southeast Asian operations, resulting in improved operational efficiency and an 11.8% year-on-year decrease in unit parcel cost in the region.
According to data from consumer research firm Frost & Sullivan, J&T boasts a 25.4% market share in parcel volume in Southeast Asia, the largest in the region, and an 11.6% market share in China.
The company, founded in Indonesia in 2015, has expanded to 13 countries and raised over US$451 million from its IPO in October 2023. It will be used for infrastructure improvements and entry into new markets.
To read the original article: https://www.techinasia.com/jt-zooms-positive-ebitda-quarter-ipo
