NaaS Technology, Inc. (NASDAQ:NAAS) Q4 2023 Earnings Conference Call March 28, 2024 7:00 AM ET
Company Participants
John Wang - Director, IR
Cathy Wang Yang - CEO
Wu Ye - Chief Strategy Officer
Alex Wu - CFO
Conference Call Participants
Kelly Zou - Jefferies
Wei Xiong - UBS
Eugene Hsiao - Macquarie Capital
Yiran Liu - HSBC
Ethan Zhang - Nomura
Operator
Ladies and gentlemen, thank you for standing by. Welcome to NaaS Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. I must advise you that this conference is being recorded.
I would now like to turn the conference over to your first speaker today, Mr. John Wang, Director of Investor Relations. Thank you, please go ahead.
John Wang
Thank you, operator, and hello everyone. And welcome to NaaS fourth quarter and fiscal year 2023 earnings conference call. The company's results were issued earlier today and are posted online. Joining me on the call today are Ms. Cathy Wang Yang, our Chief Executive Officer; Ms. Wu Ye [ph], our Chief Strategy Officer, and Mr. Alex Wu, our President and Chief Financial Officer.
For today's agenda, Ms. Wang will provide an overview of our recent performance and highlights. Ms. Wu will discuss our operating results and Mr. Wu will go through our financial highlights.
Before we continue, I refer you to our Safe Harbor statement in the earnings press release, which applies to this call as we will make forward-looking statements. Also, please note that this call includes discussions of certain non-IFRS financial measures. Please refer to our earnings release, which contains a reconciliation of non-IFRS measures to the most comparable IFRS measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.
I will now turn the call over to our CEO, Ms. Cathy Wang Yang. Kathy, please go ahead.
Cathy Wang Yang
Hello, everyone. I'm NaaS’ CEO, Cathy Wang. It's my pleasure to share NaaS’ fourth quarter and the full year 2023 earnings results with all of you and to discuss our recent developments.
In 2023, both our business skill and revenue saw substantial growth. A host of strategic initiatives diversified our income structure, promoting sustainable revenue growth and improving profitability.
Total revenue for the full year reached RMB320 million, a year-over-year increase of 245%, while gross profit increased 14 times to RMB89 million. Our full year gross profit margin extended from 6.6% to 27.7% year-over-year and non-IFRS net margin narrowed by 162% year-over-year.