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Remarkable performance by Temu owner PDD

Mar 25, 2024 China
Remarkable performance by Temu owner PDD
The Chinese e-commerce group PDD Holdings reported a “pivotal” year in the company's history, with revenue up by 123% year-on-year and profits up by 146% in the fourth quarter, driven by growing demand
“2023 represents a pivotal chapter in our corporate history as we transition towards high-quality development. In 2024, we remain dedicated to further improving consumer experiences, enhancing technology innovations, and generating positive impacts in our communities”, commented Mr. Lei Chen, Chairman and Co-Chief Executive Officer of PDD Holdings.

Fourth Quarter Results

In the three months to the 31st of December, the group’s total revenue rose by 123%, on a comparable basis to the same period of the previous year, reaching 88.8 billion Renminbi (12.5 billion US dollars). Mr. Jiazhen Zhao, Executive Director and Co-Chief Executive Officer of PDD Holdings, highlighted the “growing demand driven by encouraging consumer sentiment”.

Revenue from online marketing services and others contributed 48.7 billion Renminbi (6.9 billion US dollars) to the group’s total revenue, up by 57% year-over-year. In comparison, revenue from transaction services added 40.2 billion Renminbi (5.7 billion US dollars), up by 357% year-over-year.

In the fourth quarter of the past financial year, PDD’s operating profit amounted to 22.4 billion Renminbi (3.2 billion US dollars), which reflects growth of 146%, as compared to the same period of fiscal 2022.

The group also reported a net income attributable to ordinary shareholders in the quarter of 23.3 billion Renminbi (3.3 billion US dollars), an increase of 146% on a comparable basis to the last quarter of the prior fiscal year.

Full Year Results

The Chinese e-commerce group reported a 90% year-over-year growth in total revenue to 247.6 billion renminbi (34.9 billion US dollars) in the fiscal year 2023, mainly due to “an increase in revenue from online marketing services and transaction services”.

Full year net income attributable to ordinary shareholders totalled 60.1 billion Renminbi (8.45 billion US dollars), increasing by 90% as compared to fiscal year 2022.


Image Credits: which.co.uk

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