Didi achieved a net profit in 2023.
On March 23, Didi released its fourth-quarter and full-year performance for 2023. The data reveals that in the fourth quarter, Didi achieved a total revenue of CNY 49.419 billion, a 55.4% year-on-year increase. The net profit was CNY 1.082 billion, compared to a loss of CNY 704 million in the same period the previous year. Adjusted EBITA showed a loss of CNY 1.27 billion, narrowing by 8.5% year-on-year.
Looking at the annual performance, Didi's total revenue for 2023 reached CNY 192.4 billion, marking a 36.6% year-on-year increase. The net profit was CNY 500 million, achieving an annual net profit. Adjusted EBITA showed a loss of CNY 2.2 billion. In this, Didi's domestic business in China achieved a total revenue of CNY 175 billion, a 39% year-on-year increase, while its international business reached a total revenue of CNY 7.8 billion, a 33.8% year-on-year increase.
In the performance report, Didi disclosed that the transactions under the share purchase agreement with Xpeng had been completed, resulting in Didi holding a minority stake in Xpeng. The company's share repurchase plan announced in November 2023, not exceeding USD 1 billion, is being executed as planned. As of the end of February 2024, the company had repurchased 14.9 million ADS, equivalent to approximately USD 54.4 million, which have been cancelled.
As a result of this transaction, Didi's net investment income increased from a full-year loss of CNY 5.8 billion in 2022 to a profit of CNY 3.6 billion in 2023. In the financial report, Didi explained that the full-year investment loss in 2022 was mainly related to the fair value loss of the company's investment in Grab. The full-year investment income in 2023 was mainly related to disposal gains associated with divesting certain smart car businesses and spinning off a subsidiary engaged in autonomous trucking.
As of December 31, 2023, Didi's balance of cash and cash equivalents, restricted funds, and financial investments amounted to CNY 55.6 billion, an increase of CNY 6.8 billion from the end of 2022.
In terms of specific operational performance, Didi's total revenue for the full year of 2023 amounted to CNY 192.4 billion, a 36.6% increase from the full year of 2022. The total revenue for Didi's domestic mobile business in China for the full year of 2023 was CNY 175 billion, a 39.0% increase from the full year of 2022. The total revenue for Didi's international business for the full year of 2023 was CNY 7.8 billion, a 33.8% increase from the full year of 2022.
During the reporting period, Didi's GTV on its core platform reached CNY 93.17 billion, a 65.8% year-on-year increase. GTV for Didi's domestic travel in China was CNY 71.7 billion, a 72.7% year-on-year increase, while GTV for international business was CNY 21.48 billion, a 46.4% year-on-year increase.
It is worth noting that the volume of orders in Didi's international business has reached approximately one-fourth of the volume in its domestic travel business. In the fourth quarter of 2023, the average daily order volume for domestic travel and international business reached 31.9 million and 8.5 million respectively, setting new quarterly highs.
Didi stated that it will continue to focus on key markets such as Brazil and Mexico in Latin America, "In the fourth quarter of 2023, we continued to increase investment in incentive measures to drive the sustained growth of our international business. In 2024, we plan to achieve a better balance between investment and efficiency to realize sustainable growth in our international business and improve operational efficiency."
Additionally, Didi's revenue costs continue to rise. The financial report shows that Didi's revenue costs in the fourth quarter reached CNY 41.6 billion, accounting for 84.3% of total revenue. In the same period last year, revenue costs were CNY 26.1 billion, accounting for 82.1% of total revenue. Didi stated that the increase in revenue costs is mainly due to the increase in costs related to its Chinese ride-hailing business.
Cheng Wei, Chairman and CEO of Didi, stated, "The potential of the travel market continued to be unleashed in 2023. As a result, our business maintained healthy growth and continuously improved efficiency. We are confident in future development. In 2024, we will continue to focus on our core business, promote the healthy development of domestic and international businesses, drive innovation in technology, products, and services, and better serve passengers, drivers, and ecosystem partners."