CN Logistics International Holdings Limited
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 2130)
CN Logistics Announces 1Q 2021 Results
Revenue surged by 23.9% yoy to HK$ 448.8 million together with
Expansion of Shanghai Distribution Center Expansion to further seize opportunities in the Chinese Luxury Products Market
[Hong Kong - 21 April 2021] A well-established international logistics solutions provider, CN Logistics International Holdings Limited (the "Company", together with its subsidiaries, the "Group", stock code: 2130), is pleased to announce its unaudited results for the three months ended 31 March 2021, in which, revenue increased 23.9% to HK$448.8 million and gross profit surged 31.0% to HK$95.0 million. Detailed segment results are listed below:
While the global pandemic continued in the first quarter of 2021, overseas travel remained limited. Domestic consumption on luxury products continued to be a strong economic growth driver in PRC, boosting the demand for high-end fashion air freight forwarding services as well as distribution and logistics services. The Group's newly expanded automated distribution centre in Shanghai, with significantly increased storage capacity since February, has perfectly met the rising logistics services demand. In addition, the supply of cargo space has been limited under the pandemic. Customers were willing to pay extra logistics rates to secure space from airlines. As a result of the combination of these factors, the Group recorded rapid growth in both revenue and gross profit in the first quarter.
Executive Director and Chief Executive Officer of CN Logistics, Mr. Ngan Tim Wing, "The pandemic led to rapid growth in the logistics industry last year. The first quarter results just announced has fully reflected that CN Logistics is capable of achieving fast and sustainable growth, and we are looking forward to growing further riding on such solid foundation. With the Chinese government's plan on "dual circulation" economy which actively promotes domestics industrial update and regional economic integration in Asia, while striving to establish closer relationships with international platforms and other areas, CN Logistics will leverage on its international logistics network and global footprint to fully grasp the huge opportunities brought by the favorable policies, and continue to strengthen its domestics and overseas deployment, especially that in Southeast Asia, in order to foster sustainable growth."
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About CN Logistics International Holdings Limited
Established in 1991, CN Logistics is a well-established international logistics solutions provider with core business of providing air freight forwarding services and distribution and logistics services in relation to fashion products and fine wine, primarily focusing on high-end fashion (including luxury and affordable luxury) products. According to the CIC Report, the Company ranked first in the distribution and logistics market for high-end fashion products in both the PRC and Hong Kong in 2019.
21/04/2021 Dissemination of a Financial Press Release, transmitted by EQS Group.