BingEx Limited's Q3 2024 Results: A Tale of Resilience and Growth
Wednesday, Nov 27, 2024 4:47 am ET
4min read In a competitive market, BingEx Limited (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China, announced its unaudited financial results for the third quarter ended September 30, 2024, showcasing resilience and growth. The company, branded as "FlashEx," demonstrated a strong focus on enhancing service quality and expanding its delivery network, allowing it to fulfill over 211 million orders, a 7.1% increase year-over-year.
BingEx's financial results for the third quarter reflect its ongoing focus on disciplined execution and cost management. The company achieved a significant 20.9% year-over-year increase in gross profit, with its gross margin reaching 11.3%, up from 9.0% in the same period last year. This improvement was driven by a decrease in Flash-Riders' remuneration and incentives, leading to a decrease in cost of revenues. Additionally, BingEx's operating margin improved to 4.0%, compared with 1.4% in the same period last year, as a result of a 7.8% decrease in total operating expenses. The company's general and administrative expenses also dropped by 33.0% year-over-year, primarily due to decreases in staffing costs and professional service fees.
Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer of BingEx, commented on the results, "In the third quarter of 2024, BingEx demonstrated resilience in a competitive market, achieving a year-over-year growth in gross profit and a significant improvement in operational efficiency. Our strong focus on enhancing service quality and expanding our delivery network has allowed us to fulfill over 211 million orders, reaffirming our commitment to providing exceptional on-demand courier services. As we continue to innovate and adapt, we are confident in our ability to capture new growth opportunities and deliver greater value to our customers and stakeholders."
Mr. Luke Tang, Chief Financial Officer of BingEx, added, "BingEx's financial results for the third quarter of 2024 reflect our ongoing focus on disciplined execution and cost management. We achieved a significant 20.9% year-over-year increase in gross profit, with our gross margin reaching 11.3%, up from 9.0% in the same period of last year. As a result of our improved operational efficiency and enhanced profitability, we have achieved positive net income for eight consecutive quarters since the fourth quarter of 2022."
In conclusion, BingEx Limited's third quarter 2024 results highlight the company's ability to navigate a competitive market, focusing on cost management, operational efficiency, and service quality enhancements. The company's commitment to expanding its delivery network and fulfilling a growing number of orders positions it well for future growth and success in the on-demand courier market.
BingEx's financial results for the third quarter reflect its ongoing focus on disciplined execution and cost management. The company achieved a significant 20.9% year-over-year increase in gross profit, with its gross margin reaching 11.3%, up from 9.0% in the same period last year. This improvement was driven by a decrease in Flash-Riders' remuneration and incentives, leading to a decrease in cost of revenues. Additionally, BingEx's operating margin improved to 4.0%, compared with 1.4% in the same period last year, as a result of a 7.8% decrease in total operating expenses. The company's general and administrative expenses also dropped by 33.0% year-over-year, primarily due to decreases in staffing costs and professional service fees.
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Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer of BingEx, commented on the results, "In the third quarter of 2024, BingEx demonstrated resilience in a competitive market, achieving a year-over-year growth in gross profit and a significant improvement in operational efficiency. Our strong focus on enhancing service quality and expanding our delivery network has allowed us to fulfill over 211 million orders, reaffirming our commitment to providing exceptional on-demand courier services. As we continue to innovate and adapt, we are confident in our ability to capture new growth opportunities and deliver greater value to our customers and stakeholders."
Mr. Luke Tang, Chief Financial Officer of BingEx, added, "BingEx's financial results for the third quarter of 2024 reflect our ongoing focus on disciplined execution and cost management. We achieved a significant 20.9% year-over-year increase in gross profit, with our gross margin reaching 11.3%, up from 9.0% in the same period of last year. As a result of our improved operational efficiency and enhanced profitability, we have achieved positive net income for eight consecutive quarters since the fourth quarter of 2022."
In conclusion, BingEx Limited's third quarter 2024 results highlight the company's ability to navigate a competitive market, focusing on cost management, operational efficiency, and service quality enhancements. The company's commitment to expanding its delivery network and fulfilling a growing number of orders positions it well for future growth and success in the on-demand courier market.
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