HONG KONG SAR - Media OutReach Newswire - 14 November 2024 - OneConnect Financial Technology Co., Ltd ("OneConnect" or the "Company", NYSE: OCFT, HKSE: 6638), a business technology service provider for financial institutions, announced its results for the first three quarters ending September 30, 2024. 2024 is a pivotal year for OneConnect as it advanced the second phase of its strategy, focusing on "product upgrades, deepening customer relationships, and overseas expansion." OneConnect continued to accelerate the output of Ping An's technology and its own product development, concentrating resources to create high-value, high-barrier products. In the meantime, the Company has been actively expanding in overseas markets, tailoring products to address local market demands and institutional pain points while exploring innovative collaboration models to meet the increasingly diverse needs of the global digital finance landscape. Net Profit attributable to the Parent Company reached RMB110 Million in First Nine Months Throughout this year, OneConnect's profitability has further improved, and its overseas business has maintained robust growth. In the third quarter of 2024, OneConnect's continuing operations (excluding the virtual banking business) generated revenue of RMB417 million. The net loss attributable to the parent company improved to RMB30 million, compared to RMB51 million in the same period last year, representing a 41.9% year-over-year reduction. Gross margin and adjusted gross margin reached 32.7% and 35.6%, respectively. For the first nine months of 2024, OneConnect's continuing and discontinued operations achieved a net profit attributable to the parent company of RMB110 million, a 138.9% year-over-year increase, with a net profit margin of 6.0%, up 16.7 percentage points. Furthermore, revenue from third-party overseas customers grew by 23.4% year-over-year during the first nine months. Mr. Shen Chongfeng, OneConnect's Chairman of the Board and CEO, stated that since 2024, the Company's overseas business has maintained strong growth momentum, and profitability has further improved. These achievements are attributed to the Company's active adjustment of its product portfolio, deepening customer relationships, expansion in domestic and overseas markets, and continued to implement strict cost control, which laid a solid foundation for mid-term profitability. "In the future, OneConnect will focus on increasing product standardization rates and deliver more high-value products to further enhance gross margin levels. The Company will continue to optimize its cost structure, engage in overseas business expansion, invest in targeted and strategic R&D for high-value products, and deepen collaborations with high-quality customers. We believe these measures will fuel OneConnect's high-quality growth and create more value for customers and shareholders" Lin Rubo, OneConnect's CFO, said. Overseas Business as a Strong Growth Engine In the first three quarters of 2024, OneConnect's third-party overseas customers revenue rose 23.4% year-on-year, with its share in total revenue increased to 22.8% (excluding virtual banking business), up by seven percentage points year-on-year. In the third quarter, OneConnect successfully launched the upgraded SLP (Smart Loan Platform) project, which empowered overseas customers to enhance their business expansion capabilities and improved their operational efficiency. The SLP project showcases OneConnect's technological strength and product value, which received high recognition from multiple institutions. Currently, the Company's products have materialized applications across a wide range of sectors overseas, including regional banks, digital banks, and financial companies. Moving forward, OneConnect aims to expand its presence in six ASEAN countries—Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Brunei—leveraging its product capabilities and technological prowess to further enhance its overseas influence. As of the end of the third quarter, OneConnect's business has spanned over 20 countries and regions, including South Africa, Singapore, Thailand, Malaysia, Indonesia, the UAE, the Philippines, and Vietnam, serving a total of 192 overseas financial institutions, including the top three regional banks in Southeast Asia and two of the top ten global insurance companies. Shen Chongfeng pointed out that, OneConnect's smart credit solution is well-received among overseas bank customers, which reflected the increasing recognition of its products and services. This is the result of the Company's commitment to product integration and upgrades, deepening customer relationships, and innovative partnership models. Looking ahead, OneConnect will continue to leverage artificial intelligence (AI) to enhance product competitiveness and capitalize on opportunities in overseas markets. In the third quarter of 2024, OneConnect received several awards...