Chindata Group has posted a second quarter revenue of RMB686 million (US$106 million), up 64 per cent year over year, and a quarterly net profit of RMB65 million (US$10 million), reflecting continued profitability and growth from the previous quarter.
The Nasdaq-listed leading carrier-neutral hyperscale data centre solution provider in Asia-Pacific emerging markets, announced its financial results for the second quarter of this year ended June 30, 2021.
This strong financial performance is testament to the Company’s competitive business model and robust development capabilities, Chindata said.
In addition, Chindata Group recorded a healthy debt ratio as well as growth across multiple profit indicators, which reflect the unique strengths of its capital utilisation efficiency and financial structure under the self-owned asset model.
IT capacity on the rise
During the reporting period, Chindata Group’s IT capacity in service reached 361MW, an increase of 24MW quarter over quarter, while its IT capacity under construction grew to 217MW, with a substantial rise of 64MW.
In terms of digital infrastructure orders, the Company received 66 IT MW of newly contracted and indication of interest (IOI) orders in the second quarter of 2021, and it has maintained a high overall contracted ratio of 86 per cent, Chindata said.
As the demand for more efficient and advanced digital infrastructure with higher device density continues to grow, Chindata Group has adhered to a high standard of energy efficiency. In the first half of this year, it recorded total electricity consumption of 797 million kWh and an average PUE of 1.22.
Further, an ongoing focus on innovating its core capabilities saw the Company increase its number of core patents by 25 in the second quarter, reaching a total of 256 patents. It also continued its efforts in converting green power into more efficient, advanced and hyperscale computing power.
During the second quarter, Chindata Group maintained a sustained and stable financial performance with the abundant cash flow and efficient capital utilisation.
In China, with the development of digital economy being a long-term prospect with less uncertainty, the value of IDC industry as key fundamental infrastructure is being increasingly apparent. At the same time, differences in the underlying capabilities of players will likely become a key driver of diverse performance.
However, the pandemic has also disrupted the supply and demand chain in the broader Asia Pacific emerging markets, posing challenges to the implementation of new solutions.
Jing JU, Chief Executive Officer of Chindata Group, said, “We continued to embrace transformation in the second quarter. Our transborder supply chain with the new R&D method and product solutions will be fully verified against this background.”
To further cope with these challenges, Chindata Group has remained dedicated to core capacity build-up covering green-field development, integrated energy solution and white-labeling of key digital infrastructure equipment.
“We have maintained the rapid growth of the scale of our deliverable high-value infrastructure and are constantly supporting our industry-leading clients in the zero-carbon transformation and swift scalability of their business in the Pan Asia Pacific region. We hope to join hands with more partners along such course in the future,” stated Jing JU.
As of June 30 2021, Chindata Group’s cash and cash equivalents amounted to RMB7.024 billion (US$1.08 billion) at the end of the reporting period, surpassing RMB7 billion (US$1.08 billion) for the first time.
Chindata’s debt to equity ratio reached 34.2 per cent, while the ratio of net debt to the last 12 months’ adjusted EBITDA was -1.7. Adjusted EBITDA increased 65.8 per cent year-on-year to RMB338 million (US$60 million), with a margin of 49.3 per cent.