SF Holding’s Net Profit Drops by Nearly 70% in the 1st 3Q 2021The acquisition of Kerry Logistics assets reached CNY 200 billion.
SF Holding released its Q3 earnings report for the period ended September 30, 2021, on October 28.
· Operating income was CNY 47.5 billion, a 23.5% year-on-year increase.
· Net income was CNY 1.0 billion, a 43.5% year-on-year decrease.
· Gross margin decreased by 6.8%.
· Completed 51.5% shares of Kerry Logistics, followed by a 71.4% increase in SF holding’s total asset
The First three-quarter financial reports for the logistics firm are as below:
· Operating income was CNY 135.9 billion, a 23.97% year-on-year increase.
· Net income was CNY 1.8 billion, a 67.9% year-on-year decrease.
· Shipments reached 7.7 billion in the first three quarters, with 36.39% growth.
· The government subsidy included in the profit reached CNY 630 million.
Through the acquisition of Kerry Logistics, the improvement of SF holding’s international business layout will continue to accelerate its operating capabilities for the foreseeable future. Therefore, the recovery of SF Holdings' profitability is expected to rise in the future.
