eCargo Releases Full Year 2023 Financial Results

Delivering successful B2B strategy and record revenue growth

eCargo Holdings Limited (ASX: ECG) (ECG, eCargo or the Group) today announced its financial results for the 12 months ended 31 December 2023 (FY23).

FY23 Results Highlights:

 

 

Year ended 31 December 2023 (HK$’000)

Year ended 31 December 2022 (HK$’000)

Increase (HK$’000)

% Change

Revenue

188,201

125,399

62,802

50%

Gross Profit

46,431

40,409

6,022

15%

EBITDA

9,157

8,001

1,156

14%

Net Profit

4,741

4,716

25

5%

• Achieved record revenue of HK$188.2 million, a 50% increase, driven by the success of eCargo’s B2B supply chain platform, Flow

• Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of HK$9.2 million, up 14%, reflecting improved efficiency in the business driven by proprietary supply chain technology

• Statutory NPAT up 5% to HK$4.74 million (FY22: HK$4.72 million)

• Well-positioned to continue connecting in-demand brands with Chinese consumers, through a comprehensive omnichannel strategy, expansive distribution network and efficient end-to-end supply chain solution

• Strong balance sheet in place to self-fund operations and further grow profitability

Commenting on the FY23 results, eCargo Chief Executive Officer Lawrence Lun said: “We are pleased to share that our transition from B2C to B2B business in 2022 has played a key role in achieving another successful year, withstanding ongoing supply chain disruptions and a slower-than-expected recovery in China.

“Sales on our B2B supply chain platform, Flow, saw significant growth as Small and Medium Enterprise customers seek support in navigating international trade, specifically in sourcing and distribution of products into China. This is crucial due to the evolving import regulations, currency fluctuations, longer sell-through periods and the need for channel expansion - all areas where eCargo excel in supporting clients.

“We are pleased to sign on new reputable clients such as Nestlé. We also explored and established new collaboration models with China’s eCommerce platforms such as VIPShop, Tmall, JD, and Omall, where we support their product sourcing.”

Full report on ASX: ECG

About eCargo Holdings Limited

eCargo Holdings Limited (“eCargo”) is an ASX-listed supply chain solutions provider helping brands expand in the Asia market, with a specific focus on China. eCargo’s one stop service covers logistics, eCommerce, online to offline distribution, and B2B supply chain solutions. Trusted by brands across different categories, eCargo builds an agile, digitalised, and integrated supply chain infrastructure to drive operational efficiency for brands to deliver omnichannel growth in new markets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240228221386/en/

For further information, please contact:

Investor Relations Rosamond Zhou eCargo Holdings Limited [e-mail] [phone]

Corporate Marketing Jesse Lun eCargo Holdings Limited [e-mail] [phone]