(Yicai Global) March 29 -- SF Holding’s shares rose after the Chinese express delivery giant’s revenue hit a record high last year and the firm posted its second-highest annual profit following a 45 percent increase.

After climbing by as much as 3.5 percent earlier today, SF [SHE: 002352] ended 2 percent higher at CNY54.55 (USD7.92) a share, though the stock is still down 5.6 percent this year to date.

Net profit was CNY6.2 billion (USD900.3 million) in the 12 months ended Dec. 31, SF second-highest ever profit, versus CNY4.3 billion the year before, according to the Shenzhen-based firm’s latest earnings report released yesterday. Revenue jumped 29 percent to CNY267.5 billion (USD38.8 billion).

SF will cultivate new products and business growth points and accelerate the pace of international development, the operator of SF Express said, without providing forward earnings guidance.

Revenue from the supply chain and international businesses jumped 124 percent to CNY87.9 billion (USD12.8 billion) in the year, raising its share of total revenue to nearly 33 percent from 19 percent. SF attributed the gain to the integration of Kerry Logistics Network, adding that the latter’s advantages in parts of Southeast Asia boosted its international express delivery business.

SF bought almost 52 percent of Hong Kong-listed Kerry Logistics for HKD17.6 billion (USD2.3 billion) in September 2021. Shares of Kerry Logistics [HKG: 0636] slid 5.4 percent to HKD12.34 (USD1.57) apiece today.

Revenue from the express delivery business, which accounts for nearly 40 percent of SF’s total, rose 6.8 percent to CNY105.7 billion. The firm handled 11.1 billion parcels in 2022, an increase of 5.5 percent over the prior year, with average income from each parcel of CNY15.73 (USD2.28), up 0.4 percent.

In the fourth quarter, SF’s earnings fell on an annual and quarterly basis. Net profit was CNY1.7 billion in the three months, down 13.2 percent from the previous quarter and 31 percent from a year ago. Revenue fell 1.1 percent quarter-on-quarter and 4.2 percent year-on-year to CNY68.3 billion.

Editor: Futura Costaglione