China’s largest private courier SF Holding sees H1 net profits rise by 40.4%

China’s largest private courier, SF Holding, said on Wednesday that it booked RMB 50 billion (USD 7 billion) in total revenue in the first six months of this year, up 17.7% year-on-year. The bump was driven by new services rolled out to cater to changing market needs.

At the same time, the Shenzhen-listed company’s net profits reached RMB 3.1 billion, up by 40.4% due to cost cuts. Its gross profit margin increased to 21.5% in the second quarter, 3.5% higher than that in the first quarter. SF has consistently outperformed other couriers in profitability growth.

US-listed ZTO Express, another major courier in China, reported earlier this month that its net income in the second quarter was RMB 1.4 billion, down by 8.5% year-on-year. Other major couriers have yet to release their earnings for the second quarter.

SF’s share price rose by 3.23% to close at RMB 40.90 ( USD 5.71) on Wednesday.