The company recovered from its unprofitable Q1 in the face of intense competition in China’s logistics industry brought by economic uncertainty
Chinese parcel delivery firm SF Express (002352) (Chinese: 顺丰速运) posted on March 30 a revenue of CNY 207.2 billion (USD 32.7 billion) in 2021, up 34.5% year on year.
The company also reported a net profit attributable to shareholders of the listed company of CNY 4.27 billion and CNY 1.83 billion after deduction of non-recurring profit and loss.
The number of overall shipments reached 10.55 billion, registering a 29.7% year-on-year growth. Its average shipping price in 2021 was CNY 16.25, SF Express said.
The courier giant experienced a boom in its supply chain and international businesses after its acquisition of Kerry Logistics (00636) (Chinese: 嘉里物流) in 2021. Its overseas revenue excluding tax nearly tripled to CNY 39.2 billion, surging by 199.8% compared with 2020.
SF Express is tapping into the market of Southeast Asia and expanding its international airline network. Its gross asset rose by 88.8% year on year to CNY 209 billion. The company’s services have covered 335 cities in China and 98 countries and regions abroad.
Another established Chinese logistics enterprise ZTO Express (2057: HK) (Chinese: 中通快递) posted on March 17 a revenue of CNY 30.4 billion in 2021, up 20.6% year on year. Its adjusted net profit rose by 7.8% to CNY 4.95 billion.
Ｄoｍestic rival YTO Express (600233) (Chinese: 圆通速递) announced in February a revenue of CNY 45.13 billion in 2021, registering an increase of 29.29% from the same period the previous year. It also recorded a net profit attributable to shareholders of the listed company of CNY 2.09 billion, up 18.42%.