Full Truck Alliance Co. Ltd. Reports Strong First Quarter 2024 Financial Results
May 23, 2024, 3:41 pm
Location: United Kingdom, Wales, Newport, Wales
Employees: 1001-5000
Founded date: 1954
Total raised: $508.2M
Full Truck Alliance Co. Ltd. ("FTA"), a prominent digital freight platform, recently unveiled its unaudited financial results for the first quarter of 2024. The company showcased remarkable growth in various key metrics compared to the same period in 2023. Total net revenues surged by 33.3%, reaching RMB2,268.7 million (US$314.2 million), reflecting the company's robust performance in the digital freight sector. Net income also saw a substantial increase of 42.5%, totaling RMB586.4 million (US$81.2 million), showcasing FTA's profitability and financial strength.
Fulfilled orders in the first quarter of 2024 reached an impressive 39.3 million, marking a notable 29.6% increase from the previous year. This growth in order volume underscores FTA's ability to meet the evolving needs of its customers and maintain a strong market position. Additionally, average shipper Monthly Active Users (MAUs) grew by 22.3% to 2.14 million, indicating a growing user base and enhanced engagement on the platform.
Mr. Peter Hui Zhang, the Founder, Chairman, and Chief Executive Officer of FTA, expressed his optimism about the company's performance in 2024. He highlighted FTA's continued focus on accelerating online freight matching penetration, digital transformation, and technological innovation to drive substantial results across its business operations. Mr. Zhang emphasized the importance of effective user acquisition and management strategies in optimizing the platform's order structure and matching efficiency, leading to increased customer loyalty and a record-high contribution from direct shippers.
Mr. Simon Cai, the Chief Financial Officer of FTA, echoed Mr. Zhang's sentiments, lauding the company's impressive financial achievements in the first quarter of 2024. With total net revenue exceeding expectations and a significant year-over-year growth rate, FTA demonstrated its profitability and long-term prospects. The Board of Directors' decision to extend the share repurchase program and declare a cash dividend underscored management's confidence in FTA's financial performance and commitment to enhancing shareholder returns.
Looking ahead, FTA anticipates continued growth, with total net revenues projected to be between RMB2.65 billion and RMB2.72 billion for the second quarter of 2024, representing a year-over-year growth rate of approximately 28.3% to 31.7%. These forecasts reflect the company's positive outlook and confidence in its ability to deliver value to stakeholders.
In addition to its financial success, FTA made organizational changes to optimize its structure, including the elimination of the Chief Customer Officer position. The company's strong balance sheet and cash flow position it well for future growth and sustainability in the competitive digital freight industry.
Overall, FTA's first quarter 2024 financial results showcase its resilience, growth, and commitment to excellence in the digital freight sector. With a focus on operational efficiency, user experience, and shareholder value, FTA is poised for continued success and innovation in the evolving logistics landscape.
Fulfilled orders in the first quarter of 2024 reached an impressive 39.3 million, marking a notable 29.6% increase from the previous year. This growth in order volume underscores FTA's ability to meet the evolving needs of its customers and maintain a strong market position. Additionally, average shipper Monthly Active Users (MAUs) grew by 22.3% to 2.14 million, indicating a growing user base and enhanced engagement on the platform.
Mr. Peter Hui Zhang, the Founder, Chairman, and Chief Executive Officer of FTA, expressed his optimism about the company's performance in 2024. He highlighted FTA's continued focus on accelerating online freight matching penetration, digital transformation, and technological innovation to drive substantial results across its business operations. Mr. Zhang emphasized the importance of effective user acquisition and management strategies in optimizing the platform's order structure and matching efficiency, leading to increased customer loyalty and a record-high contribution from direct shippers.
Mr. Simon Cai, the Chief Financial Officer of FTA, echoed Mr. Zhang's sentiments, lauding the company's impressive financial achievements in the first quarter of 2024. With total net revenue exceeding expectations and a significant year-over-year growth rate, FTA demonstrated its profitability and long-term prospects. The Board of Directors' decision to extend the share repurchase program and declare a cash dividend underscored management's confidence in FTA's financial performance and commitment to enhancing shareholder returns.
Looking ahead, FTA anticipates continued growth, with total net revenues projected to be between RMB2.65 billion and RMB2.72 billion for the second quarter of 2024, representing a year-over-year growth rate of approximately 28.3% to 31.7%. These forecasts reflect the company's positive outlook and confidence in its ability to deliver value to stakeholders.
In addition to its financial success, FTA made organizational changes to optimize its structure, including the elimination of the Chief Customer Officer position. The company's strong balance sheet and cash flow position it well for future growth and sustainability in the competitive digital freight industry.
Overall, FTA's first quarter 2024 financial results showcase its resilience, growth, and commitment to excellence in the digital freight sector. With a focus on operational efficiency, user experience, and shareholder value, FTA is poised for continued success and innovation in the evolving logistics landscape.