OneConnect Announces First Quarter 2022 Unaudited Financial Results – Benzinga – Press Release


Revenue Up by 24.3% and Adjusted Net Loss Ratio1 Improved by 9.6ppt YoY for First Quarter 2022

OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) 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

  • Revenue increased 24.3% year-over-year to RMB1,019 million from RMB820 million.
  • 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.
  • 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.
  • 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% from 37.2%.
  • Net loss per ADS, basic and diluted, was RMB-0.86 as compared to RMB-0.83 same period of the prior year.

In RMB’000, except percentages and per ADS amounts

 

Three Months Ended

March 31

 

YoY

 

 

2022

 

2021

 

 

Revenue

 

 

 

 

Revenue from Ping An Group

 

548,682

435,851

25.9%

Revenue from Lufax

 

129,100

75,105

71.9%

Revenue from third-party customers2

 

341,156

308,809

10.5%

Total

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