- May 26, 2022
- Posted by: Bastion team
- Category: World News
Revenue Up by 24.3% and Adjusted Net Loss Ratio1 Improved by 9.6ppt YoY for First Quarter 2022
SHENZHEN, China, May 25, 2022–(BUSINESS WIRE)–OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT), a leading technology-as-a-service provider for financial institutions in China, today announced its unaudited financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Financial Highlights
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Revenue increased 24.3% year-over-year to RMB1,019 million from RMB820 million.
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Gross margin was 34.3% as compared to 34.0% same period of the prior year; non-IFRS gross margin was 38.8%, as compared to 43.5% same period of the prior year.
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Operating loss was RMB355 million, as compared to RMB346 million same period of the prior year. Excluding the impact of listing expenses in connection with the Company’s proposed listing in Hong Kong, adjusted loss from operations1 amounted to RMB318 million, compared with RMB346 million for the same period in the prior year. Adjusted operating loss margin narrowed to 31.2% from 42.2% same period of the prior year.
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Net loss attributable to shareholders was RMB318 million, as compared to RMB305 million same period of the prior year. Net loss ratio narrowed to 31.2% compared to 37.2% same period of the prior year. Adjusted net loss to shareholders for the first quarter of 2022 amounted to RMB281 million, as compared to RMB305 million same period of the prior year. Adjusted net loss ratio narrowed to 27.6%…