Silver linings for EasyParcel despite 2023 revenue drop

Layoffs. Losses. Legislative intervention (potentially).

The last few years have not been good for Southeast Asia’s logistics sector, which has seen regional logistics providers like Ninja Van and J&T Express duke it out for market share.

EasyParcel team / Photo credit: EasyParcel

The rut has affected other players in the space, too. Unlike Ninja Van and J&T Express, Malaysia-based EasyParcel does not own a logistics fleet. Instead, it partners with these providers, acting as an intermediary to connect customers with various logistics services.

Silver linings

The company’s revenue fell 25.1% year on year in 2023 to US$27.9 million, according to its audited financial statement.

Yet, there was cause for optimism. For one, the company managed to achieve a gross profit in 2023 from a loss the previous year, buoyed by a 34.6% reduction in its cost of sales.

This contributed to its operating loss for the year narrowing by 65%.

Revenue from its Singapore arm also bucked the overall decline in revenue, increasing by 5.5% to US$5.9 million in 2023.

Tech in Asia has reached out to EasyParcel for comment but has yet to receive a response as of the time of writing.

Pgeon down

EasyParcel was founded in 2014 by Clarence Leong, who also serves as the company’s CEO. Before starting the business, Leong co-founded EziVoucher, a startup that provided daily deals for its 150,000 users.

EasyParcel offers both domestic and international delivery, as well as on-demand, same-day, and cash-on-delivery services.

EasyParcel founder and CEO Clarence Leong / Photo credit: EasyParcel

It has served over a million customers since its establishment, according to its website.

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