Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 20 November 2024, 22:26 HKT/SGT
Share:
NaaS Technology Inc. Scores First Quarterly Profit, with Strategy Focused on EV Charging Services
- NaaS Technology Inc. Reports Q3 2024 Results, Achieving Positive Non-IFRS Profit

HONG KONG, Nov 20, 2024 - (ACN Newswire) - NaaS Technology Inc. (Nasdaq: NAAS), a U.S.-listed EV charging service provider in China, released its Q3 2024 financial results, highlighting its first-ever positive quarterly non-IFRS net profit of RMB 20.6 million ($2.9 million).

Revenue from the company's EV charging services business, which represents 95% of total revenue, increased by 36% year-over-year to RMB 42.4 million ($6.0 million). The proportion of orders with positive net take rates rose to 73%, while sales expenses decreased by 81% year over year to RMB29.7 million (US$4.2 million) due to reduced reliance on customer incentives and improved operational efficiencies. Total revenue decreased by 55% year-over-year to RMB 44.4 million due to the company's decision to phase out low-margin energy solution projects. Despite a decrease in revenue, the company also reported a gross profit margin of 57%, the company's highest to date. Total gross profit for this quarter arrived at RMB25.2 million (US$3.6 million) as compared to RMB28.6 million in the same period of 2023.

The company emphasized advancements in its AI-powered NaaS Energy Fintech (NEF) system, which is designed to optimize charging operations, including site selection and revenue management. Partnerships with FAW-Volkswagen and IM Motors appear to have also expanded NaaS' network, with the company claiming to now connect around 1.15 million chargers.

NaaS also reiterated its focus on environmental, social, and governance (ESG) initiatives, joining the China ESG Alliance and releasing its 2023 ESG report. The company outlined its efforts to integrate sustainability into its business model and support the transition to green energy.

CEO of NaaS, Ms. Yang Wang, commented on the results and emphasized to shareholders that the company's financial performance reflects NaaS' strategic focus and operational adjustments. Wang reiterated the company's emphasis on core EV charging services and ongoing efficiency improvements, and aimed to continue adapting to China’s dynamic EV market.




Topic: Press release summary Sectors: Automotive, EVs, Transportation
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



Latest Press Releases
Lit Studios enters into MOU with Bingo Group, a Hong Kong listed company  
Mar 14, 2025 20:45 HKT/SGT
Gain Therapeutics Doses First Participant in Phase 1b Clinical Trial of GT-02287 in Parkinson's Disease  
Mar 14, 2025 19:54 HKT/SGT
Approval in Principle (AiP) for the Basic Design of a Large Ammonia-Fueled Ammonia Carrier Obtained from Classification Society  
Friday, March 14, 2025 5:37:00 PM
Toyota Launches All-New Crown Estate in Japan  
Friday, March 14, 2025 4:22:00 PM
Probowangi Toll Road Package 3 Reaches 74.9% Completion, WIKA Supports Logistics Efficiency and National Connectivity  
Mar 14, 2025 16:00 HKT/SGT
Habitat for Humanity offers up to US$40,000 in grants for innovative youth-led housing solutions in Asia-Pacific  
Mar 14, 2025 09:18 HKT/SGT
TreasureNFT Introduces New Features to Enhance NFT Trading Efficiency  
Mar 14, 2025 08:00 HKT/SGT
Future of airport operations to take centre stage at inter airport Southeast Asia conference  
Mar 14, 2025 07:58 HKT/SGT
CleverTap partners with upGrad to build a Deep Learning Track to upskill Marketers with Hands-On AI & Analytics Training  
Mar 14, 2025 04:00 HKT/SGT
Hong Kong delegation concludes IRES mission in Bangkok  
Mar 13, 2025 15:41 HKT/SGT
More Press release >>
 Events:
More >>
 News Alerts
Copyright © 2025 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575

Connect With us: