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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