Software group Kingdee targets 2018 breakeven for its cloud services business
Annual results: 1.86 billion yuan revenue, up 22.8pc; net profit 288.23 million yuan, up 172.5pc; cloud revenue soars 103pc
Kingdee International Software Group, the Hong Kong-listed business software specialist, is looking to new areas of business such as big data and internet finance to drive further growth as its cloud services business moves closer to breaking even, now expected in 2018.
The company said it had received approval for two major licenses to undertake internet finance business in China, and is currently working with Alibaba-backed online-only financial institution MyBank, to provide big data-based loan services.
The company has also been exploring further applications for big data technology in the financial services sector over the last two to three years, Robert Xu Shaochun, Kingdee’s chairman and chief executive, told a news conference accompanying its annual results on Thursday.
“We will continue to explore applications over the next four years, to develop ways that use data as a basis to provide loans,” Xu said.
For the year ended December 31, Kingdee reported revenue of 1.86 billion yuan, a 22.8 per cent increase on the previous year.
“In the last five years, last year was the best-performing,” said Xu. “After the transformation of our cloud business ... we are now headed towards a new phase of growth.”