Didi's revenue rose 37% to 192.4 billion yuan last year, achieving its first annual profit since 2021

Tencent Technology News reported on March 23 that Didi released its fourth quarter and annual results for 2023. Didi's revenue in the fourth quarter of 2023 was 49.4 billion yuan, a year-on-year increase of 55.4%, and its net profit was 1.1 billion yuan. In 2023, the annual revenue was 192.4 billion yuan, an increase of 37%, and the net profit was 500 million yuan, achieving the first profit since 2021.

Although Didi currently trades on the relatively illiquid U.S. pink sheet market, its shares have risen 40% since its May lows and its market capitalization is approaching $17 billion.

According to the financial report, in August last year, Didi announced the sale of its electric vehicle development division to Xpeng. This move not only brought Didi a substantial return on funds, but also gave it a 3.25% stake in Xpeng. In its latest signal to investors, Didi announced that it has authorized a share repurchase program of up to $1 billion over the next 24 months.

According to foreign media sources, Didi plans to re-list on the Hong Kong Stock Exchange this year, which is backed by strong support for the steady recovery of its business.

Here are some highlights of the fourth quarter and full year 2023 results:

- Total revenue for the fourth quarter of 2023 was $49.4 billion, an increase of 55.4% from the fourth quarter of 2022. In the fourth quarter of 2023, the total revenue of China's mobility business was RMB44.9 billion, an increase of 60.9% from the fourth quarter of 2022, and the total revenue of international business in the fourth quarter of 2023 was RMB2.2 billion, an increase of 33.3% from the fourth quarter of 2022.

- Total revenue for the full year of 2023 was $192.4 billion, an increase of 36.6% over the full year of 2022. In 2023, the total revenue of China's mobility business was RMB175 billion, an increase of 39% over 2022, and the total revenue of international business in 2023 was RMB7.8 billion, an increase of 33.8% over 2022.

- Net profit for the fourth quarter of 2023 was RMB1.1 billion, and net profit attributable to ordinary shareholders of Didi was RMB0.8 billion.

- Net profit for the full year 2023 was $500 million and net loss attributable to ordinary shareholders was $500 million.

- Adjusted EBITA for the fourth quarter of 2023 was a loss of $1.3 billion. In the fourth quarter of 2023, the adjusted EBITA of the China mobility business increased by 1.4 billion yuan, and the adjusted EBITA of the international business in the fourth quarter of 2023 was a loss of 1.1 billion yuan. Adjusted EBITA for Other Business Units was a loss of $1.5 billion in the fourth quarter of 2023.

- Full-year 2023 adjusted EBITA was a loss of $2.2 billion. For the full year 2023, the adjusted EBITA of the China mobility business increased by 5.3 billion yuan, and the adjusted EBITA of the international business unit for the full year 2023 was a loss of 2.3 billion yuan. For the full year 2023, Adjusted EBITA for Other Business Units was a loss of $5.1 billion.

- Didi's total investments in cash and cash equivalents, restricted cash and treasury bonds totaled $55.6 billion as of December 31, 2023, compared to $48.8 billion as of December 31, 2022.

- Core platform trading volume reached 3.715 billion in Q4 2023, up 64.8% from Q4 2022. Among them, in the fourth quarter of 2023, the transaction volume of China's mobility business reached 2.932 billion, an increase of 71.5% compared to the fourth quarter of 2022. The volume of international transactions reached 783 million in the fourth quarter of 2023, an increase of 43.9% compared to the fourth quarter of 2022.

- For the full year of 2023, the number of transactions on the core platform reached 13.469 billion, an increase of 39.1% over the full year of 2022. Among them, the transaction volume of China's mobility sector in 2023 reached 10.809 billion, an increase of 39.8% over the full year of 2022. For the full year of 2023, the number of transactions of international business reached 2.66 billion, an increase of 36.2% over the full year of 2022.

- Total core platform transaction value (GTV) reached $93.2 billion in Q4 2023, up 65.8% from Q4 2022. Among them, the GTV of China's mobility business reached 71.7 billion yuan in the fourth quarter of 2023, an increase of 72.7% from the fourth quarter of 2022. The GTV of international business reached 21.5 billion yuan in the fourth quarter of 2023, an increase of 46.4% from the fourth quarter of 2022.

- Total transaction value (GTV) of core platforms reached RMB341.4 billion in 2023, up 44.6% from 2022. Among them, the GTV of China's mobility business in 2023 reached 270.7 billion yuan, an increase of 45.4% over the whole year of 2022. For the full year of 2023, the GTV of international business reached RMB70.6 billion, an increase of 41.8% over the full year of 2022.

- Platform sales of China's mobility business and international business reached RMB15.5 billion in the fourth quarter of 2023, an increase of 54.6% from the fourth quarter of 2022. Among them, in the fourth quarter of 2023, the platform sales of China's mobility business reached 13.5 billion yuan, an increase of 63.6% from the fourth quarter of 2022. Platform sales for the international business were $2.0 billion in the fourth quarter of 2023, an increase of 12% from the fourth quarter of 2022.

- For the full year of 2023, platform sales of China's mobility business and international business reached RMB55.6 billion, an increase of 36.7% over the full year of 2022. Among them, in 2023, the platform sales of China's mobility business reached 47.9 billion yuan, an increase of 38.3% over the full year of 2022. For the full year of 2023, the sales of the international business platform reached 7.7 billion yuan, an increase of 28% compared to the full year of 2022.

- On November 11, 2023, Didi's board of directors authorized a share repurchase program. Under the plan, Didi can buy back up to $1 billion in shares within 24 months of the plan's authorization. As of February 29, 2024, Didi has spent about $54.4 million to repurchase a total of about 14.9 million U.S. shares under the plan. The shares have been written off by Didi.

(Compiler/Golden Deer)