Today, on March 6th, Jingdong Group released its financial results for the fourth quarter and full year of 2023. In the fourth quarter, the revenue reached 306.1 billion CNY, showing a 3.6% year-over-year growth. For the full year, the revenue amounted to 1.0847 trillion CNY, reflecting a 3.7% year-over-year increase.
The net profit for the full year of 2023 stood at 24.2 billion CNY (3.4 billion USD), marking a significant doubling from 2022's 10.4 billion CNY.
Concurrently, Jingdong Group announced that its board of directors has approved an annual cash dividend totaling approximately 1.2 billion USD, surpassing the 1 billion USD distributed in 2023.
The board of directors has also sanctioned a new share repurchase program, which will come into effect upon the expiration of the existing repurchase plan and allow for the repurchase of shares worth up to 3 billion USD over the next 36 months until March 2027.
While the specifics of Jingdong's share repurchase plan are yet to be disclosed, the company has stated that it will execute the repurchase based on market conditions and the company's capital structure requirements.
Analysts view this move as a testament to Jingdong Group's confidence in its long-term growth prospects. Moreover, this decision is expected to bolster investor confidence and have a positive impact on the stock price.
