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China – 51job revenue up 19% in fiscal Q3, acquiring new headquarters building

16 December 2021

51job Inc. (JOBS:NSQ), a job board operator based in Shanghai, China, reported revenue rose 19.3% in its fiscal third quarter ended 30 September. 51job also announced plans to purchase a new headquarters office building in the Qiantan area of Pudong District, Shanghai.

(RMB 000s) Q3 2021 Q3 2020 % change Q3 2021 (USD 000s)
Revenue                1,081,351                     906,105 19.3%                               167,823
Gross profit                   681,463                     584,357 16.6%                               105,761
Gross margin 63.0% 64.5%    
Net income                      40,832                     164,534 -75.2%                                    6,337

Third-quarter revenue rose in both the company’s divisions — “online recruitment services” and “other human resource related services.”

Revenue by segment

(RMB 000s) Q3 2021 Q3 2020 % change Q3 2021 (USD 000s)
Online recruitment services revenue                   642,550                     545,501 17.8%                                 99,722
Other human resource related revenue                   438,801                     360,604 21.7%                                 68,101

51job noted operating conditions for its online recruitment services business remain positive. However, concerns remain over Covid-19 and potential government restrictions to contain the outbreak in China. Global economic uncertainty could also affect hiring plans.

The company said growth in its other human resource segment was driven by solid customer demand for training, placement and business process outsourcing services.

According to SIA’s Online Job Advertising Market update, 51job is the 9th largest online job advertising firm globally and the 4th largest job board based on 2020 annual revenue.

Share price and market cap

51job released results after the close of market. Shares in the company closed down 0.78% to USD 47.12 on Wednesday; however, they had hit a 52-week high in the trading session when they reached USD 45.88, according to FT.com. The company had a market cap of USD 3.20 billion.