The following is a summary of the OneConnect Financial Technology Co., Ltd. (OCFT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• OneConnect reported a significant reduction in net loss attributable to shareholders, improving to CNY363 million from CNY872 million year-over-year.

• Total revenue for 2023 was RMB 3.67 billion, a decrease of 17.8% compared to the prior year.

• Gross margin slightly increased by 0.2 percentage points YoY, reaching 36.8%.

• Non-IFRS gross margin reached 40.3%.

• The net loss attributable to shareholders decreased significantly to CNY363 million, from CNY872 million in the previous year, indicating progress towards profitability.

Business Progress:

• The revenue from overseas customers grew by over 30% year-on-year, accounting for 15.7% of third-party customer revenue.

• Key developments include a strategic partnership with Old Mutual in South Africa and a digital SME financing platform developed with the Abu Dhabi Global Market.

• The company now collaborates with 185 overseas financial institutions across 20 countries and regions.

• There was a notable upgrade in products and service offerings.

• Future focuses include the development of AI-powered products and solutions, particularly related to improvements in efficiency, cost reduction, and risk management for financial institutions.

• OneConnect's commitment to exploring opportunities for expansion and pristine cost control stays a core part of their future strategy.

More details: OneConnect Financial Technology IR

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