Southeast Asia market share climbed to 28.6%, China parcel volume growth outpaced industry
HONG KONG, March 5, 2025 /PRNewswire/ -- J&T Global Express Limited ("J&T Express" or "J&T" or "the Company", stock code: 01519), a global logistics service provider, announced its Annual Results 2024 ("2024" or "the Period"). J&T's full-year revenue reached US$10.26 billion, representing a year-over-year ("YoY") increase of 15.9%. In 2024, J&T's total parcel volume increased by 31% YoY to 24.65 billion. Revenue from its core business express delivery services was US$9.98 billion, a YoY increase of 23.4%.
(PRNewsfoto/J&T Express)
During the period, all of J&T's profit metrics turned positive, showing a positive turnaround. Net profit reached US$110 million, a significant improvement compared to the US$1.16 billion loss in 2023. Adjusted net profit amounted to approximately US$200 million, exceeding market expectations. Adjusted EBITDA reached US$780 million, soaring 430.5%. Adjusted EBIT turned positive, reaching US$300 million, reflecting the Company's steadily improving profitability and its healthy, sustainable trajectory.
In 2024, the adjusted EBIT of all operating regions achieved significant growth or improvement. In China, the adjusted EBIT turned positive for the first time, reaching US$150 million, compared to an adjusted EBIT loss of US$240 million in 2023. In Southeast Asia ("SEA"), the adjusted EBIT increased by 48.9% YoY to US$300 million. In newer markets such as Saudi Arabia and UAE ("New Markets"), the adjusted EBIT loss was US$76.465 million, a significant narrowing compared to the US$110 million loss in 2023.
Dylan Tey, Chief Financial Officer of J&T Express, commented: "In 2024, J&T's revenue in all operating regions continued to achieve double-digit growth, primarily benefiting from the deepening of our cooperation with e-commerce platforms in various regions, as well as the active expansion of diversified brand partners. We have maintained our leading position in SEA, with encouraging revenue and profitability maintaining steady and sustainable growth. We believe that the Company's first-mover advantages and high-quality services in SEA can further enhance our market share in the region. During the period, the China business continued to benefit from economies of scale and optimized operating efficiency, and local operating experience will empower other markets, bringing positive effects to the Company's business around the world."
Maintaining a lead in SEA for five consecutive years with market share jumping to 28.6%
J&T continued to achieve growth and steady profitability improvements in SEA in 2024. The Company's parcel volume in the region reached 4.56 billion, an increase of 40.8% YoY. J&T's market share in SEA increased by 3.2 percentage points from 2023 to 28.6%, further consolidating its leading position and competitive advantages in the market. In SEA, J&T has firmly maintained its position as an independent e-commerce enabler, integrating parcels from all e-commerce platforms while actively expanding non-platform parcels. Through economies of scale and replication of China's express delivery experience, the cost per parcel decreased by approximately 14.9% YoY during the period, enabling the Company's business to maintain a steady and sustainable level of profitability.
J&T's revenue in the SEA market increased by 22.3% YoY to US$3.22 billion in 2024. Adjusted EBITDA reached US$460 million, an increase of 21.3% YoY. Adjusted EBIT reached US$300 million, with a growth rate of 48.9% YoY.
China business achieved full-year profitability for the first time; parcel volume growth leads the industry
J&T's business scale and market share in China steadily improved. The Company's parcel volume in China increased by 29.1% YoY to 19.8 billion in 2024. During the period, market share in China increased to 11.3%. The Company's parcel volume and market share in China continued to grow, mainly due to deepened cooperation with existing e-commerce platforms, coupled with improved service quality and enhanced brand image. Together, these factors enhanced the Company's overall client sourcing capabilities.
J&T's revenue in China reached US$6.39 billion in 2024, an increase of approximately 22.2% YoY. Adjusted EBITDA was US$430 million, and adjusted EBIT turned profitable, recording approximately US$150 million, primarily due to a significant decrease in the cost per parcel. During the period, the Company's cost per parcel in China decreased by approximately 11.8% to US$0.30.
New Markets seized growth opportunities in the e-commerce market; number of high-quality non-platform customers continued to rise
Benefiting from the active entry of cross-border e-commerce into New Markets, J&T's parcel volume in the region maintained rapid growth, with parcel volume increasing by approximately 22.1% to 280 million. The Company continued to invest in building local express delivery networks to improve the pickup and delivery capabilities. In New Markets, the Company maintained close partnerships with international cross-border e-commerce platforms such as Shein, Temu and TikTok, and deepened cooperation with local indigenous e-commerce platforms, such as Noon in the Middle East and Salla in Saudi Arabia, partially offsetting the adverse effects of changes in cross-border policies in the New Markets.
In 2024, J&T's New Markets revenue reached US$580 million, an increase of 76.1% YoY, which mainly benefited from the group's high parcel volume growth in the region, as well as the continuously improving network carrying capacity. The Company continued to seize e-commerce growth opportunities in New Markets, while vigorously developing non-e-commerce platforms for individual parcels.
Long-term investment in automated sorting equipment upgrades; actively exploring AI to improve delivery efficiency
J&T continued to implement refined management in the areas of pickup, sorting, transportation and dispatching to improve operational efficiency, and continuously selectively expanded self-built sorting centers in various regions. As of 31 December 2024, the Company had approximately 19,100 outlets worldwide while operating 238 sorting centers and more than 11,900 line-haul vehicles, including over 6,600 that were self-owned.
The Company continued to invest in automated equipment in various regions. As of 31 December 2024, there were 51, 226, and 2 sets of automated sorting equipment for sorting centers in SEA, China, and the New Markets, respectively, with an increase of 16, 27, and 2 sets compared to 2023.
Currently, J&T provides the Dynamic Digital Mapping (AOI, Area of Interest) functions for outlets, dynamically aggregating regional addresses to optimize pickup and delivery routes, identify exceptions, parcel volume and customer analysis, to help improving the efficiency of pickup and delivery at outlets. At the same time, the Company has developed an intelligent planning tool that can synthesize core information such as parcel volume, time efficiency, number of vehicles and vehicle types, providing network staff in China with the shortest distance and most cost-effective delivery routes, and it will be gradually promoted to other countries in the future.
Charles Hou, Group Vice President of J&T Express, stated: "J&T has achieved brilliant results in 2024 by virtue of the huge logistics network built in various regions, reliable services, the advanced experience and cost control capabilities acquired in China, and close partnerships with e-commerce platforms in various markets. We uphold our position as a neutral logistics service provider, and actively establish diversified cooperation with the platforms, continuously improving information technology and intelligence capabilities, while optimizing service processes through our self-developed technology platform to empower global operations. Looking forward to the future, J&T will continue to increase investment in research and development, providing more convenient, efficient and intelligent services to meet customers' demand for high-quality express delivery services."
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. In August 2024, J&T Express was included in the Hang Seng China Enterprises Index, and in February 2025, it was included in the MSCI China Index.
