SYDNEY--(BUSINESS WIRE)--eCargo Holdings Limited (ASX: ECG) (ECG, eCargo or the Group) is pleased to announce today its financial results for the 12 months ended 31 December 2022 (FY22).
FY22 Results Highlights1:
- Record growth achieved across all key business metrics, driven by new exclusive brand partnerships and growth of eCargo’s proprietary technology platforms;
- Revenue from continuing operations2 of HK$125.4 million, up 43.2%, attributable to the significant uplift in demand for high quality imported products in China and sales through the Group’s proprietary B2B technology platform;
- Statutory NPAT of HK$28.1 million (FY21: HK$0.9 million); excluding the sale of Amblique, NPAT2 was up 422% to HK$4.7 million, representing significant growth in scale and profitability;
- The sale of Amblique recapitalised the Group, bringing focus to growing brands in Asia and investments in proprietary technology platforms;
- Strong balance sheet in place to self-fund operations and further grow profitability;
- Well placed to continue to connect in-demand brands to Chinese consumers in 2023, developing a 360 digital ecosystem and delivering improved profitability.
The results were primarily driven by a growing portfolio of strategically-selected brands that are in demand by Chinese consumers, and sourcing services for brands in new categories through the Group’s B2B platform, JuJiaXuan.
Commenting on the FY22 results, eCargo Chief Executive Officer Lawrence Lun said: “We are incredibly proud of the results we achieved this year, which were done with the backdrop of severe lockdowns in China for much of the year. The results demonstrate not only the resilience of our business model, but also shows the decisions we are making with respect to brand partnerships and investment into our proprietary technology platforms are yielding strong results.”
“Over the year, we signed on strategically-selected brands with exclusive distribution rights. As demand for high quality imported products in Health & Wellness, Personal Care, and Maternal & Baby categories continue to grow in China, we are helping our brands to grow sales in the China’s vast market, which in turn is growing eCargo’s revenue.”
“Additionally, our proprietary technology platforms continue to grow. Platforms like PinJiuFang Wines (PJF Wines) and JuJiaXuan (JJX) are helping our brand partners penetrate the eCommerce and retail market in China through establishing a stronger digital presence and expanding their distribution network. Off the back of this success, we will continue to build our technology platforms in 2023 to better provide our brands with a one-stop commerce solution for the Asian market, empowered by technology and data.”
Full report on ASX: ECG
About eCargo Holdings Limited
eCargo Holdings Limited (“eCargo”) helps brands sell more in Asia as a full-service commerce partner providing end-to-end supply chain solutions, distribution, and marketing services. eCargo drives omnichannel growth for brands through its fully-integrated services, supply chain management technology and data-driven approach. It has served over 80 brands in the Health & Wellness, Personal Care, Food & Beverage, and Fashion categories.
eCargo is listed on the Australian Securities Exchange and is headquartered in Hong Kong, with offices in Shanghai, Shenzhen, and Sydney.
1 All percentage changes are based on HK$ change from prior corresponding period (pcp).
2 Excludes Amblique business which was sold during the period.
