China-based logistics company, Cainiao, continues to expand its international network.
In October 2022, Cainiao commenced the operations of two new international sorting centres, bringing the number of overseas sorting centres in operation to 12.
In China, Cainiao continues to expand its Cainiao Post network that offers a variety of value-added services to improve consumer experience and delivery efficiency, which complements domestic businesses.
During the quarter ended 30 September 2022, the total number of Cainiao Posts, including those in rural areas and universities, grew more than 20 per cent year-over-year to over 170,000.
Cainiao Posts located in urban residential communities grew to over 116,000, of which over 80,000 offer doorstep parcel delivery services.
Parent company, Alibaba Group, reported a revenue of $29,124 million USD, an increase of 3.0 per cent year-over-year, for the the quarter ended 30 September 2022.
Income from operations was $3,534 USD, an increase of 68 per cent year-over-year.
“We delivered solid results this past quarter despite ongoing macro environment challenges, which is a testament to our resilient business model and unmatched customer value proposition,” said Alibaba Group Chairman and CEO, Daniel Zhang.
“The uncertainties of the global landscape have only reinforced our resolve to focus on building capacity that will yield sustainable, high-quality growth for our customers and our own business over the long term. The trust of our shareholders has enabled Alibaba’s development over the past 23 years, and we are committed to improving shareholder return as we continue to strengthen the foundations for Alibaba’s future.”
Alibaba Group Chief Financial Officer, Toby Xu, said: “We generated another quarter of healthy revenue growth of 3.0 per cent year-over-year in spite of the impact on consumption demand by the Covid-19 resurgence in China as well as slowing cross border commerce due to increasing logistics costs and foreign currency volatility.
“We have continued to take a holistic approach to improve operating efficiency and cost optimisation throughout the company that resulted in adjusted EBITA growth of 29 per cent year-over-year.
“With strong net cash position and cash flow generation, as of November 16, 2022, we had repurchased approximately $18 billion USD of our shares under our existing $25 billion USD share repurchase program.
“In addition, our board has approved to upsize the share repurchase program by another $15 billion USD and extend the program to the end of fiscal year 2025.”