CJ Logistics has reported its first quarter 2022 financial results. The company reported that its operating profit rose by 57.2% y-o-y to KRW*75.7bn. Revenue rose to KRW2.85tn, increasing by 6.1% y-o-y.
Parcel and e-commerce
In Q1 2022, parcel revenue and operating profit rose 2.3% and 70.7% y-o-y, respectively. The company’s e-commerce business (fulfilment and new last-mile delivery) saw revenue increasing by 81.4% y-o-y due to a 112.4% y-o-y volume increase. The company stated it had secured contracts across various verticals, such as fashion and beauty, food, electric/electronic goods, and traditional liquor.
Contract Logistics
Revenue and operating profits rose by 1.1% and 24.8% y-o-y, respectively. The contract logistics segment saw revenue reach KRW646.9bn, whilst operating profits increased to KRW29.7bn.
Global
Revenue rose by 10.3% y-o-y, to KRW1.2tn, whilst operating profit increased by 70.3% y-o-y, to KRW17.2bn. The company stated that oversea sales had increased due to the resumption of the global economy. The company also sated it had invested in structural improvements such as global parcel disposal. The company’s USA segment saw the highest volume of revenue, at KRW311.8bn, followed by India (KRW171bn) and Vietnam (KRW63.4bn).
Source: CJ Logistics
*$= KRW1 274.25 /€= KRW1,345.48
