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22.05.2023 07:00
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OneConnect Announces First Quarter 2023 Unaudited Financial Results
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PR Newswire
SHENZHEN, China, May 22, 2023
Gross Margin Improved by 2.8ppt and Net Loss Ratio to Shareholders Improved by 19.4ppt YoY for First Quarter 2023
SHENZHEN, China, May 22, 2023 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT), a leading technology-as-a-service provider for financial services industry in China, today announced its unaudited financial results for the first quarter ended March 31, 2023.
First Quarter 2023 Financial Highlights
- Revenue was RMB926 million as compared to RMB1,019 million for the same period of the prior year.
- Gross margin increased by 2.8ppt year-over-year to 37.1% as compared to 34.3% for the same period of the prior year; non-IFRS gross margin increased to 40.4% as compared to 38.8% for the same period of the prior year.
- Operating loss narrowed 67.8% to RMB114 million, as compared to RMB355 million for the same period of the prior year. Operating loss margin narrowed to 12.4% from 34.8% for the same period of the prior year.
- Net loss attributable to shareholders narrowed by 65.7% to RMB109 million, as compared to RMB318 million for the same period of the prior year. Net loss ratio to shareholders improved by 19.4ppt to -11.8% as compared to -31.2% for the same period of the prior year.
- Net loss per ADS, basic and diluted, was RMB-3.00 as compared to RMB-8.58 for the same period of the prior year.
| | | Three Months Ended | | | | | ||||||
| In RMB'000, except percentages and per ADS amounts | | 2023 | | | 2022 | | | YoY | | |||
| Revenue | | | | | | | | | | |||
| Revenue from Ping An Group | | | 536,854 | | | | 548,682 | | | | -2.2 | % |
| Revenue from Lufax | | | 71,357 | | | | 129,100 | | | | -44.7 | % |
| Revenue from third-party customers[1] | | | 317,735 | | | | 341,156 | | | | -6.9 | % |
| Total | | | 925,946 | | | | 1,018,938 | | | | -9.1 | % |
| Gross profit | | | 343,409 | | | | 349,031 | | | | | |
| Gross margin | | | 37.1 | % | | | 34.3 | % | | | | |
| Non-IFRS gross margin | | | 40.4 | % | | | 38.8 | % | | | | |
| Operating loss | | | (114,411) | | | | (354,895) | | | | | |
| Operating margin | | | -12.4 | % | | | -34.8 | % | | | | |
| Net loss attributable to shareholders | | | (111,746) | | | | (317,585) | | | | | |
| Net loss ratio to shareholders | | | -11.8 | % | | | -31.2 | % | | | | |
| Net loss per ADS[2], basic and diluted | | | (3.00) | | | | (8.58) | | | | | |
| | ||||||||||||
| [1] Third-party customers refer to each customer with revenue contribution of less than 5% of our total revenue in the | ||||||||||||
| [2] In RMB. Each ADS represents thirty ordinary shares. In December 2022, the Company effected an ADS ratio change | ||||||||||||
Chairman, CEO and CFO Comments
"I am delighted to announce that we achieved solid financial results in Q1 2023 against an uncertain environment. We sustained a non-IFRS gross margin of 40.4% and at the same time, narrowed net loss ratio to shareholders substantially by 19.4ppt." said Mr. Shen Chongfeng, Chairman of the Board and Chief Executive Officer. "We continued to implement our second stage strategy of deepening customer engagement to focus on serving premium-plus customers and product integration in Q1. Admittedly, this year will feature uncertainties from the macroeconomic environment, we, nevertheless, see strong demands from our financial institutions (FI) customers for digital transformation. In addition, we have also seen favorable regulatory development in China, including the FinTech Development Plan (2022-2025), the Guidelines on Digital Transformation of Banking and Insurance Sectors, highlighting the strategic importance of digital transformation. According to China Insights Industry Consultancy Limited, the total technology spending of financial institutions in China is expected to reach RMB799.3 billion by 2025. We remain fully confident in the potential and outlook of the FinTech industry in China."
Mr. Shen Chongfeng further commented, "Benefitting from ongoing execution of our second stage strategy, integrated products in banking solution have successfully expanded large joint-stock bank customer base. We will continue to reinforce product integration and deepen customer engagement to focus on serving premium-plus customers in 2023, to further solidify our position and fulfill our mission of supporting financial institutions to grow efficiently. In the first quarter of 2023, the collaboration with partners and clients such as Old Mutual in South Africa and some top digital banks in Southeast Asia deepened, and we will continue the efforts of improving delivery efficiency and products capability to satisfy customers' needs. Our overseas business continued its growth momentum in the beginning of 2023, virtual bank in Hong Kong recorded 51.6% year-over-year revenue increase in business in the first quarter. We will continue capture the growing overseas demand for digital transformation and seize the opportunities that arise."
Mr. Luo Yongtao, Chief Financial Officer, commented, "As we continued our product integration and deepening engagement with premium-plus customers, our gross margin witnessed a steady improvement over the quarters. Gross margin improved by 2.8ppt year-over-year to 37.1%, and non-IFRS gross margin increased to 40.4% in the first quarter. In addition to improved gross margin, net loss ratio to shareholders improved by 19.4ppt year-over-year from -31.2% to -11.8%. In 2023, we will continue our focus on narrowing net loss ratio to shareholders for sustainable growth. Meanwhile, our Q1 results reflect the effects of our disciplined execution of cost control, and improved marketing efficiency, marking another milestone in the path to profitability. We are ready to go further this year."
Revenue Breakdown
| | | Three Months Ended | | | | | ||||||
| In RMB'000, except percentages | | 2023 | | | 2022 | | | YoY | | |||
| Technology Solution Segment[3] | | | | | | | | | | | | |
| Implementation | | | 209,934 | | | | 171,678 | | | | 22.3 | % |
| Transaction-based and support revenue | | | | | | | | | | | | |
| Business origination services | | | 49,046 | | | | 114,793 | | | | -57.3 | % |
| Risk management services | | | 77,743 | | | | 106,951 | | | | -27.3 | % |
| Operation support services | | | 222,545 | | | | 255,208 | | | | -12.8 | % |
| Cloud services platform | | | 292,247 | | | | 295,834 Werbung Mehr Nachrichten zur OneConnect Financial Technology Co Ltd Aktie kostenlos abonnieren
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