J&T Global Express Limited (J&T Express), a leading global logistics provider, has announced its first-ever full-year profit in 2024, driven by strong revenue growth of 15.9% year-over-year (YoY). The company recorded US$10.26 billion in total revenue, with express delivery services contributing US$9.98 billion, a 23.4% YoY increase.
J&T's parcel volume surged 31% to 24.65 billion, marking significant growth across all operating regions. Net profit reached US$110 million, a stark turnaround from a US$1.16 billion loss in 2023. Adjusted net profit stood at US$200 million, exceeding market expectations, while adjusted EBITDA skyrocketed 430.5% to US$780 million.
Southeast Asia: Market Leadership Strengthens
For the fifth consecutive year, J&T maintained its leadership in Southeast Asia (SEA), with market share rising to 28.6%—a 3.2 percentage point increase from 2023. The region's parcel volume grew 40.8% YoY to 4.56 billion, fueling revenue growth of 22.3% YoY to US$3.22 billion.
Operational efficiency continued to improve, with cost per parcel decreasing 14.9% YoY, reinforcing profitability. Adjusted EBITDA in SEA climbed 21.3% to US$460 million, while adjusted EBIT surged 48.9% to US$300 million. J&T’s ability to integrate parcels from multiple e-commerce platforms while expanding non-platform deliveries has solidified its dominance in the region.
China: First Year of Full Profitability
J&T’s China business achieved full-year profitability for the first time, with parcel volume rising 29.1% YoY to 19.8 billion and market share growing to 11.3%. Revenue reached US$6.39 billion, up 22.2% YoY, while adjusted EBIT turned positive at US$150 million, reversing a US$240 million loss in 2023.
This performance was fueled by economies of scale, operational efficiencies, and enhanced service quality, resulting in a 11.8% decrease in cost per parcel to US$0.30.
Expanding Presence in Emerging Markets
J&T’s New Markets segment, including Saudi Arabia and the UAE, saw parcel volume growth of 22.1% YoY to 280 million, driven by strong cross-border e-commerce demand. Revenue in these regions jumped 76.1% to US$580 million, while adjusted EBIT loss narrowed to US$76.5 million, improving from US$110 million in 2023.
Strategic partnerships with Shein, Temu, TikTok, Noon, and Salla bolstered J&T’s presence in the region, while investments in local express delivery networks helped enhance operational capabilities.
Investing in Automation and AI for Efficiency
J&T continued upgrading its logistics infrastructure, expanding its global network to 238 sorting centers and 19,100 outlets. Investments in automated sorting equipment increased efficiency, with new systems deployed in SEA, China, and New Markets.
The company also leveraged AI-driven Dynamic Digital Mapping (AOI) to optimize pickup and delivery routes, improving operational efficiency and cost control. A newly developed intelligent planning tool is set to further enhance delivery routes and vehicle utilization, initially in China and later across global markets.
Looking Ahead: Sustaining Growth and Innovation
J&T Express remains committed to expanding its global footprint, strengthening its technological capabilities, and enhancing service efficiency.
“We have achieved exceptional results in 2024 thanks to our extensive logistics network, strategic partnerships, and operational excellence,” said Charles Hou, Group Vice President of J&T Express. “Looking ahead, we will increase investment in R&D and AI-driven logistics solutions, ensuring more convenient, efficient, and intelligent express delivery services to meet the growing demands of our global customers.”