The first results of the financial group since its division into 6 units
Dubai – Al Arabiya.net
Published in: May 18, 2023: 04:33 PM GST
Last updated: May 18, 2023: 06:33 PM GST
The Chinese “Alibaba” group announced plans to transform the cloud computing management into a separate company by offering it to the market, after restructuring some of its assets, liabilities, contracts and regulatory approvals.
The group’s revenue rose less than expected for the quarter ending March 31, 2023, by about 2% on an annual basis, to 208.2 billion Chinese yuan ($ 29.6 billion), compared to an estimate of 210.2 billion yuan.
Diluted earnings per share (based on IFRS accounting system) rose 35% during the same period to 1.34 yuan, compared to 2.08 yuan expected.
This data is the first for the group since its division into six units, and it is also the first financial statements that reflect the repercussions of China’s reopening on the group after the country stopped in December its strict controls related to the Covid virus.
The group also announced plans to raise money from outside investors for the international digital trade group, which includes online shopping platforms Lazada and AliExpress.
Alibaba said it intends to do an initial public offering of the Cainiao Smart Logistics unit, in which it currently owns a 67% stake, with the IPO due to be completed within the next 12 to 18 months.
The group added that the board of directors agreed to start studying the inclusion of “Freshippo” for its retail subsidiary in the next six to twelve months.