JD.com reports record FY revenue, swings to profit

Chinese e-commerce giant JD.com has reported record revenue in its most recent full-year results following strong growth in the final quarter of the year.

Net revenue for the 12 months to December 31 was up 9.9 percent to 1,046.2 billion Chinese Yuan (151.7 billion dollars), with net service revenue rising 33.3 percent to 181.2 billion Chinese Yuan (26.3 billion dollars).

“While 2022 posed many challenges for JD.com and China as a whole, we delivered solid operational results and surpassed 1 trillion Chinese Yuan in annual revenue for the first time,” chief executive officer Lei Xu told investors.

That came as revenue in the fourth quarter increased 7.1 percent to 295.4 billion Chinese Yuan (42.8 billion dollars), with net services revenue surging 40.3 percent to 57.8 billion Chinese Yuan (8.4 billion dollars).

JD.com returns to profit

The company swung to a net profit in the fourth quarter of 3 billion Chinese Yuan (0.4 billion dollars), compared to a net loss of 5.2 billion Chinese Yuan (0.7 billion dollars) a year earlier.

For the full year, it posted a net profit of 10.4 billion Chinese Yuan (1.5 billion dollars) compared to a loss of 3.6 billion Chinese Yuan (0.5 billion dollars) the prior year.

“We achieved profitable growth and strong cash flow for the quarter and full-year," said JD.com finance chief Sandy Xu.

She continued: “While we explore new growth opportunities, we will continue our focus on financial discipline and technology-driven operational efficiency to build a solid foundation for JD.com’s future high-quality growth.

“Reflecting our healthy profitability and balance sheet and commitment to shareholder value, we are also pleased to continue to return value to shareholders in the form of a cash dividend."