Southeast Asia fuelled much of J&T’s growth, with Q4 volume up 62.5% YoY to 1.4 billion parcels
J&T Global Express Limited (“J&T Express” or “J&T” or “the Company”, stock code: 01519.HK), a global logistics service provider, announced its key operating data for the fourth quarter and full year of 2024. The company achieved a total parcel volume of 7.39 billion in Q4, a 32.5% year-over-year (“YoY”) increase, with an average daily volume of 80.3 million parcels. For the full year 2024, J&T Express handled 24.65 billion parcels, representing a 31% YoY increase and a 30.7% increase in average daily volume to 67.3 million parcels.
Q4 growth was primarily driven by Southeast Asia and China, coinciding with the peak e commerce season in these key markets. In Southeast Asia, J&T Express saw parcel volume jump 62.5% YoY to 1.4 billion in Q4. Full-year parcel volume in the region reached 4.56 billion, a 40.8% YoY surge, significantly exceeding market expectations of industry growth.
In China, Q4 parcel volume grew 27.4% YoY to 5.91 billion. Full-year volume reached 19.8 billion, a 29.1% increase, outpacing industry growth in the first eleven months of the year.
Parcel volume in New Markets (including the Middle East and Latin America) reached 74.4 million in Q4, a marginal 0.1% YoY increase. Full-year volume grew 22.1% to 280 million parcels.
Throughout 2024, J&T Express continued to invest in infrastructure, expanding its transportation fleet and deploying automated sorting equipment. The company’s line-haul vehicles grew by 1,300 vehicles in Southeast Asia and 900 vehicles in China, reaching totals of 4,600 and 7,100 vehicles, respectively. The number of automated sorting machines across all markets increased by 45 to 279.
J&T Express also strategically optimized its network partnerships and outlets, upgrading sorting centers to enhance operational efficiency. As of year-end 2024, the company operated 19,100 outlets and 238 sorting centers.
“J&T Express delivered strong growth in Q4 2024, fueled by robust performance in Southeast Asia and China,” said Dylan Tey, Chief Financial Officer of J&T Express. “The over 60% surge in Southeast Asia’s Q4 volume, in addition to a low base from the same period last year, was driven by strong shipments from major e-commerce clients during peak shopping festivals like Double 11, as well as our continued expansion of parcel volume from non-e-commerce platforms.
In China, we capitalized on the continued rapid growth of the express delivery industry, strengthening our market position with key e-commerce platforms. Our strategic focus on reverse logistics and individual parcels also contributed to strong results. With our robust network, high-quality service, and diversified growth strategies, J&T Express is well-positioned to benefit from the continued rapid growth of the e-commerce market.”
