Chinese recruitment platform Kanzhun Limited, whose core product is job board Boss Zhipin, yesterday reported its unaudited financial results for the full year and fourth quarter ended 31 December 2021.

Revenue for the fourth quarter stood at RMB 1.09 billion (USD 169.8 million), an increase of 69.1% from RMB 645.1 million (USD 101.25 million) for the same quarter of 2020.

The increase was primarily due to the growth in revenues from online recruitment services to enterprise customers.

When compared to the previous quarter, revenue for the company was down 9.9% from RMB 1.21 million (USD 189.6 million).

Calculated cash billings for the fourth quarter of 2021 stood at RMB 1.17 billion (USD 183.5 million), an increase of 24.4% from the same quarter of 2020.

Average monthly active users for the fourth quarter of 2021 were 24.4 million, an increase of 14.0% from 21.4 million for the same quarter of 2020

Adjusted net income for the fourth quarter of 2021 was RMB 348.5 million (USD 54.7 million), compared to RMB 69.0 million for the same quarter last year.

Revenue for the full year of 2021 stood at RMB 4.25 billion (USD 667.06 million), an increase of 119.0% from the previous year. The increase was also primarily due to the growth in revenues from online recruitment services to enterprise customers.

Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, said, “We are pleased to have delivered a strong set of results for 2021, despite a challenging business environment. In 2021, our company proved its ability to adapt and succeed in the face of adversity. This is a testament not only to the effectiveness of our business model, but also to our commitment to improving our core capabilities and maximizing our service experience for existing users.”

“We continue to see robust user engagement within our ecosystem and have full confidence in the future of our business. In 2022, we will stay true to our strategy of investing in technology, continue to empower our users, especially the valuable employment groups and enterprises with limited resources, as we drive forward to deliver long-term value to our shareholders,” Zhao added.

Phil Yu Zhang, Chief Financial Officer, said the fourth quarter was the “first time we achieved non-GAAP profitability in a fiscal year, a proof of our healthy and improving operating efficiency.”

Revenue by segment

The revenue increase in Online Recruitment Services was mainly due to the rapid growth in paid enterprise customer numbers following the expansion of the group’s user base.

Revenues from other services, which mainly comprise of paid value-added services offered to job seekers, saw an increase of 112.2%, benefiting from continued overall growth in user base.

On 11 June 2021, the company completed its initial public offering.

On 5 July 2021, the company announced it was subject to cybersecurity review by the Cyberspace Administration of China. As a result, the “Boss Zhipin” app has been required to suspend new user registration in China. The process is still ongoing, and the company said it is fully cooperating with the regulator regarding its review.

For the first quarter of 2022, the company currently expects its total revenues to be between RMB 1.10 billion (USD 172.65 million) and RMB 1.12 billion (USD 175.79 million), representing a year-on-year increase of between 39.5% to 42.0%. This forecast reflects the company’s current views on the market, operational conditions and the impact of the on-going cybersecurity review, which are subject to change and cannot currently be predicted with reasonable accuracy, according to the company.

Shares in Kanzhun closed at USD 27.16, up 4.14% on the day and 101.78% above the 52 week low of USD 13.46 set on 14 March 2022. The company has a market cap of USD 11.10 billion.