Jiayin Group Inc. (JFIN) stock gains in the current market trading. Let’s find out why?

Jiayin Group Inc. (NASDAQ: JFIN) stock soared by 25.98% at last check in the current market trading. As of now, there is no recent news available regarding the hike in JFIN stock price. Whereas Jiayin Group has recently launched its financial results for the fourth quarter and full-year 2020 which we will discuss below to get an idea of Jiayin’s progress graph. Jiayin Group Inc. is a leading fintech platform in China dedicated to making relationships between underserved individual borrowers and financial institutions more efficient, open, stable, and quick. Jiayin’s history can be tracked all the way back to 2011.

Financial results

On April 9, 2021, JFIN announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020. Given below is the summary:

  • Net sales for the fourth quarter was RMB340.3 million, down 3.5 percent from the same time last year and 15.2 percent from the previous quarter. Whereas JFIN’s net revenue for the full year 2020 was RMB 1,300.2 million down 41.7 percent from RMB 2,230.2 million in 2019.
  • For the fourth quarter 2020 operating income was RMB52.9 million (US$8.1 million), relative to an RMB28.9 million operating loss in the same timeframe in 2019. Operating income for the year was RMB302.1 million (US$46.3 million), down from RMB534.7 million in 2019.
  • For the fourth quarter 2020, net income was RMB81.1 million, relative to RMB22.6 million in the fourth quarter of 2019. While for the full year 2020, net income was RMB250.1 million, down from RMB527.2 million in 2019.

Mr. Yan Dinggui, the Founder, Director and Chief Executive Officer, said:

JFIN has quickly turned the enterprise into a forward-thinking financial technology firm. The unpaid loan balance of JFIN’s established P2P lending business was set to zero in November 2020. JFIN was able to produce strong results in the fourth quarter thanks to a sophisticated risk management platform and a laser-like emphasis on their market transformation. In the fourth quarter of 2020, net income was RMB 81.1 million, up 259 percent from the previous year. JFIN can remain competitive and prudent in the face of changing business conditions and quickly changing technology. JFIN will make acquisitions in order to build synergistic solutions and expand into new markets.