ZTO Express has released its Q1 2022 financial results ending March 31, 2022. Total revenues were up $1,246.8m, a 22.1% y-o-y increase. The company generated gross profits of $255.5m, up 47.7% y-o-y, whilst adjusted EBITDA increased 36.4% y-o-y to $166.3m.
Revenue from the core express delivery business increased 26.6% y-o-y as a combined result of a 16.8% y-o-y increase in parcel volume and an 8.5% y-o-y increase in parcel unit price.
Revenue from freight forwarding services decreased by 32.8% y-o-y as cross border e-commerce demand and pricing gradually normalized with pandemic recovery.
Revenue from sales of accessories, which largely consisted of sales of thermal paper used for digital waybills, increased 8.4%y-o-y. Other revenues mainly consisted of financing services and equipment sales.
Founder, Chairman and Chief Executive Officer of ZTO Meisong Lai commented: “With sound execution of our consistent strategies, ZTO achieved good results for the first quarter. Parcel volume reached 5.2bn, and we expanded our market share by 1.2 points to 21.6%. Benefiting from the industry’s price stabilization and meaningful increases, we increased our income from operations by 76.4% to 1.1bn. 2022 remarks our 20th anniversary, and ZTO is better prepared than ever before to further our competitive lead in scale, efficiency and quality of earnings.”
Source: ZTO Express