Meituan, the prominent delivery platform in China, has reported its performance for the third quarter of 2024. The total revenue amounted to 93.577 billion yuan, marking a 22% increase compared to the same period in the previous year. Meanwhile, the net profit reached 12.865 billion yuan, more than tripled from before.
The revenue structure of Meituan currently consists of two main business segments in China, encompassing delivery services for food, superstores, parcel delivery, and travel booking services. This segment exhibited a 20% growth and saw a significant increase in profit.
Another business group, termed as New Initiatives, has been established to explore new business opportunities such as Meituan Select for group purchasing and Keeta for delivery services in Saudi Arabia. This business segment has shown promising growth, with reduced losses.
Source: Meituan (pdf)
TLDR:
Meituan, a leading delivery platform in China, reported a 22% increase in revenue and more than tripled net profit for the third quarter of 2024. The company’s two main business segments in China displayed strong growth, while the New Initiatives group showed promising results with reduced losses.
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