Oriental Select's 2024 Financial Results and Business Updates

TapTechNews August 23rd news, Oriental Select announced tonight that for the year ended May 31, 2024, the total revenue was approximately $1.01 billion (70.73 billion Chinese yuan), an increase of 56.82% year-on-year; the profit attributable to the owners of the company was $2.46 billion (17.195 billion Chinese Yuan), an increase of 77% year-on-year; the adjusted profit was approximately $3.12 billion (21.81 billion Chinese Yuan), an increase of approximately double year-on-year; and the basic earnings per share was $1.68.

TapTechNews noted that the GMV of Oriental Select Company increased by 43% to $2.04 billion (143 billion Chinese Yuan) in fiscal year 2024. Among them, the GMV from Douyin accounted for the majority of the company's GMV, and the GMV from the application accounted for 8.4% of the company's total GMV. In fiscal year 2024, the total number of paid orders for third-party products and self-operated products on Douyin increased from 136.3 million orders in fiscal year 2023 to 181.1 million orders.

According to the announcement, on November 21, 2023, the company sold all its education business to its parent company New Oriental. The sale has been completed. After the sale, the company currently has no plan to operate the online education business.