OneConnect Announces Third Quarter and Nine Months Ended September 30, 2023 Unaudited Financial Results - 13.11.23 - News

SHENZHEN, China, Nov. 13, 2023

SHENZHEN, China, Nov. 13, 2023 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT and HKEX: 6638), a leading technology-as-a-service provider for financial services industry in China, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2023.

Third Quarter 2023 Financial Highlights

Revenue was RMB844 million as compared to RMB1,069 million for the same period of the prior year.
Gross margin decreased slightly to 35.0% as compared to 35.1% for the same period of the prior year; non-IFRS gross margin increased 1.0 percentage point to 39.4% as compared to 38.4% for the same period of the prior year.
Net loss attributable to shareholders was RMB91 million, as compared to RMB133 million for the same period of the prior year. Net margin to shareholders improved by 1.6 percentage points to -10.8% as compared to -12.4% for the same period of the prior year.
Net loss per ADS, basic and diluted, was RMB-2.50 as compared to RMB-3.66 for the same period of the prior year.

In RMB'000, except percentages
and per ADS amounts

Three Months Ended

September 30

Nine Months Ended
September 30

ARIVA.DE Börsen-Geflüster

Kurse

OneConnect Financial Technology Co Ltd

2,17 $

0,00%

OneConnect Financial Technology Co Ltd Chart

YoY

2023

2022

2023

2022

Revenue

Revenue from Ping An Group

475,866

599,408

-20.6 %

1,593,515

1,830,690

-13.0 %

Revenue from Lufax

60,970

118,429

-48.5 %

205,469

354,892

-42.1 %

Revenue from third-party customers^[1]

306,761

351,028

-12.6 %

943,959

1,035,986

-8.9 %

Total

843,597

1,068,865

-21.1 %

2,742,943

3,221,568

-14.9 %

Gross profit

295,106

374,663

991,339

1,133,946

Gross margin

35.0 %

35.1 %

36.1 %

35.2 %

Non-IFRS gross margin

39.4 %

38.4 %

39.7 %

39.1 %

Operating loss

(95,854)

(154,878)

(288,793)

(787,391)

Operating margin

-11.4 %

-14.5 %

-10.5 %

-24.4 %

Net loss attributable to shareholders

(90,901)

(132,563)

(281,366)

(694,937)

Net margin to shareholders

-10.8 %

-12.4 %

-10.3 %

-21.6 %

Net loss per ADS², basic and diluted

(2.50)

(3.66)

(7.75)

(19.00)

^[1] Third-party customers refer to each customer with revenue contribution of less than 5% of our total revenue in the relevant period. These customers are a key focus of the Company's diversification strategy.

^[2] In RMB yuan. Each ADS represents thirty ordinary shares. In December 2022, the Company effected an ADS ratio change to adjust its ordinary share to ADS ratio from one (1) ADS representing three (3) ordinary shares to one (1) ADS representing thirty (30) ordinary shares, or the Ratio Change. Except otherwise stated, the Ratio Change has been retrospectively applied for all periods presented in this press release.

Chairman, CEO and CFO Comments

"During the reporting period, we faced headwinds that resulted in a decline in our revenue." Said Mr. Shen Chongfeng, Chairman of the Board and Chief Executive Officer. "Several factors contributed to this decrease, including our proactive adjustment to the product mix, competitive pressures, and changing market conditions. However, it is crucial to note that our management actively implemented strategic measures to optimize cost structures and improve operational efficiency, which reduced the impact of the headwinds on our financial results."

Mr. Shen Chongfeng further commented, "We will embrace challenges and opportunities that lie ahead. Our continued investment in technological innovation and organizational capability remains unchanged. We will continue to engage with third-party financial and strategic partners, enhance sales and marketing efficiency and expand our business opportunities. In the third quarter of 2023, OneConnect was named one of the "IDC China FinTech Top 50" by International Data Corporation for the fourth consecutive year. We will speed up the development of high-value product and continue to focus on improving gross margin and profitability."

Mr. Luo Yongtao, Chief Financial Officer, commented, "In the third quarter of 2023, our non-IFRS gross margin increased year-over-year from 38.4% to 39.4%. And our net loss ratio to shareholders improved from -12.4% to -10.8% compared with the same period of last year. This achievement represents a substantial decrease in losses and reflects our commitment to enhancing our financial health. Furthermore, we have been diligent in identifying and improving underperforming areas of our business, and focused on enhancing revenue structure. The improvement in our net loss ratio to shareholders is an encouraging sign of progress and demonstrates the effectiveness of our measures on our journey towards profitability."

Revenue Breakdown

Three Months Ended

Nine Months Ended
September 30

In RMB'000, except percentages

September 30

YoY

2023

2022

2023

Mehr Nachrichten zur OneConnect Financial Technology Co Ltd Aktie kostenlos abonnieren

E-Mail-Adresse

Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.