Full Truck Alliance Reports Net Profit of $38.5M in Q4 2021

Full Truck Alliance, a Chinese online commercial freight platform, released its performance report on Tuesday for the fourth financial quarter and entire year of 2021. The report indicates that with steady growth and expanding revenue achieved in the period, the company has consolidated its leading position in the industry.

The report also shows that in 2021, the gross transaction value (GTV) of Full Truck Alliance reached 262.3 billion yuan ($41.5 billion), a year-on-year increase of 50.9%. Its total annual revenue reached 4.66 billion yuan, up 80.4% year-on-year. Meanwhile, the GTV in Q4 was 69.5 billion yuan, a year-on-year increase of 22.1%, and the revenue reached 1.43 billion yuan, up 68.1% year-on-year. In the fourth quarter of 2021, the company’s Non-GAAP net profit was about 243 million yuan.

In addition, the volume of fulfilled orders in Q4 was 34.8 million, a year-on-year increase of 41.6%. It completed 128 million orders in 2021 overall, an increase of 78.8% compared to last year.

Simon Cai, CFO of Full Truck Alliance, said in a teleconference that the performance efficiency of the company improved significantly in the Q4, and that the performance rate, as the main driving factor of GTV growth, increased from about 21% in the same period last year to about 26% in this quarter.

The financial report also shows that the monthly active freight shippers in the fourth quarter reached 1.57 million, up 20.6% year-on-year. In the 12 month-month period, there were 3.54 million active drivers. The 12-month retention rate of shippers and the active drivers in a second month were kept at about 85%.

During the reporting period, the operation of the platform focused on increasing the order frequency of old users and attracting defected users and new users. Throughout the year, Full Truck Alliance has continuously increased investment in the R&D, and the improvement of its technical capability has continuously improved the order matching accuracy and efficiency.

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At an investor teleconference, Peter Hui Zhang, Chairman and CEO of Full Truck Alliance, said that “the continuous growth of business is the result of our continuous improvement of liquidity and services, which confirms the resilience and sustainability of our business model.”

In terms of the firm’s ecosystem layout, Full Truck Alliance has paid attention to the vertical fields of highway logistics market. It disclosed in the financial report that the company has invested in a leading domestic capacity matching platform for construction machinery and special transportation industries in the Q4. Simon Cai expressed that, “In the future, our focus should continue to be on building and improving our logistics ecosystem. We aim to develop as a platform and include all categories and all supply chains.”