SF Intra-city’s profit doubles on growing scale
On-demand delivery company Hangzhou SF Intra-city Industrial Co. Ltd. (9699) on Monday said it expects to report a profit of 301 million yuan ($45 million) or more for the first half of this year, up 120% or more year-over-year. Its adjusted profit totaled more than 240 million yuan, up 50% or more. The company’s revenue during the period reached 11.67 billion yuan or more, up 14% or higher from a year earlier.
The company attributed the profit growth to higher order volumes and revenue. It noted that further improvements in economies of scale, combined with an improved investment strategy, lean management of its rider network and the application of AI technology, helped to raise its gross margin.
Shares of SF Intra-city opened up 4.4% at HK$8.845 on Tuesday. The stock is down over 50% from its 52-week high.
By Lau Chi Hang
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